BRANTLEY LAND: Case Dismissal Hearing Continued to March 10BRUNSWICK: Moody's to Retain Ba1 CFR on Acquisition of CybexCAESARS ENT: Court Wants Examiner's Report To Be Made PublicCAESARS ENTERTAINMENT: Judge Rips Attys. for Phone Use at HearingsCAESARS ENTERTAINMENT: Judge Says Make Report Public or Chapter 7

"We are lowering our corporate credit rating on the company and ourissue-level rating on its senior secured debt because we view therelated transactions to be distressed," said Standard & Poor'scredit analyst Patricia Mendonca. "This determination is based onthe company's financial condition, the possibility of default ifthe exchange is not successful, and that noteholders who do notagree to exchange their notes will be stripped of the originalsecurity package."

S&P's rating outlook is negative. S&P intends to lower thecorporate credit rating to 'SD' and the affected issue-level ratingto 'D' on completion of the senior secured notes exchange offer. Subsequently, S&P would assign a corporate credit rating andoutlook that would reflect the new capital structure.

ADS WASTE: S&P Affirms 'B' CCR & Revises Outlook to Positive------------------------------------------------------------Standard & Poor's Ratings Services said that it has affirmed its'B' corporate credit rating and all of its other ratings on PonteVedra, Fla.-based ADS Waste Holdings Inc., the holding company ofsolid waste services company Advanced Disposal Services Inc. Atthe same time, S&P revised its outlook on the company to positivefrom stable.

"The affirmation reflects our view that ADS' reduction in costs andsolid profitability will allow its adjusted debt-to-EBITDA ratio tocontinue to align with the 6.0x-6.5x expectation we have for theexisting ratings," said Standard & Poor's credit analyst JamesSiahaan. "As of Sept. 30, 2015, the company's trailing-12-monthadjusted EBITDA margin had improved by almost 300 basis pointscompared with the prior period."

The positive rating outlook reflects S&P's view that the company islikely to complete its initial public offering and use a portion ofthe proceeds to reduce debt and maintain a financial risk profilethat is appropriate for S&P's rating. Although the company's debtleverage was high as of Sept. 30, 2015, with a 6.2x adjusteddebt-to-EBITDA ratio, S&P estimates that pro forma for the IPO thisfigure could improve to less than 6.0x, as S&P assumes that aportion of the term loan is repaid. In addition to the debtrepayment, the outlook also envisions the company sustaining itsimproved margins, assisting in the leverage reduction. For thecurrent rating, S&P expects ADS to generate solid free cash flowand maintain debt leverage of 6.0x-6.5x over the next 12 months.

S&P could lower its ratings on ADS if the company's adjusteddebt-to-EBITDA ratio approaches 7x, or if its liquidity starts tobecome constrained such that the level of EBITDA headroom under itsrevolving facility declines to less than 15%. S&P could also lowerits ratings on the company if outlays for acquisitions orshareholder rewards cause its financial risk profile todeteriorate.

S&P could raise its ratings on ADS if, following the completion ofthe IPO and subsequent use of proceeds to reduce debt, the companyis able to maintain an adjusted debt-to-EBITDA ratio of less than6.0x. If its operating performance and financial policies areconducive to that level, then S&P would revise its comparableratings analysis modifier assessment to neutral and raise thecorporate credit rating by one notch to 'B+'.

Chu Li An, chief executive officer of the company, in a regulatoryfiling with the U.S. Securities and Exchange Commission on Nov. 27,2015, pointed out, "There are no assurances that the company willbe able to either (1) achieve a level of revenues adequate togenerate sufficient cash flow from operations; or (2) obtainadditional financing through either private placement, publicofferings and/or bank financing necessary to support the company'sworking capital requirements. To the extent that funds generatedfrom any private placements, public offering and/or bank financingare insufficient to support the company's working capitalrequirements, the company will have to raise additional workingcapital from additional financing. No assurance can be given thatadditional financing will be available, or if available, will be onterms acceptable to the company. If adequate working capital isnot available, the company may not be able continue itsoperations.

"These conditions raise substantial doubt about the company'sability to continue as a going concern."

At Sept. 30, 2015, the company had total assets of $2,448,999,total liabilities of $2,050,818 and stockholders' equity of$398,181.

Flushing, New York-based AJ Greentech Holdings, Ltd., through itsChina subsidiary, was previously engaged in design, marketing anddistribution of alcohol base clean fuel that are designed to useless fossil fuel and have lease pollution than traditional fuel. As result of certain transactions completed in 2013, the companynow carries out electronic products and general cargo trading andrelated consulting service business through its subsidiary inTaiwan.

ALEXZA PHARMACEUTICALS: Gets Another NASDAQ Noncompliance Notice----------------------------------------------------------------Alexza Pharmaceuticals, Inc., received a notice from The NASDAQStock Market indicating that Alexza' common stock does not meet thecontinued listing requirement as set forth in NASDAQ Rule5550(a)(2) based on the closing bid price of the Common Stock forthe preceding 30 business days. The minimum closing bid pricerequired to maintain continued listing on The NASDAQ Capital Marketis $1.00 per share.

Under NASDAQ Rule 5810(c)(3)(A), Alexza has a 180 calendar daygrace period from the date of the Notice to regain compliance bymeeting the continued listing standard. The continued listingstandard will be met if the Common Stock has a minimum closing bidprice of at least $1.00 per share for a minimum of 10 consecutivebusiness days during the 180 calendar day grace period. If Alexzadoes not regain compliance within the 180 calendar day graceperiod, it will be afforded an additional 180 calendar daycompliance period, provided that on the 180th day of the firstgrace period Alexza (i) meets the applicable market value ofpublicly held shares requirement for continued listing and allother applicable requirements for initial listing on The NASDAQCapital Market (except for the bid price requirement) based onAlexza's most recent public filings and market information and (ii)notifies NASDAQ of its intent to cure this deficiency. If Alexzadoes not indicate its intent to cure the deficiency or if it doesnot appear to NASDAQ that it would be possible for Alexza to curethe deficiency, Alexza would not be eligible for the second 180 daycompliance period, and its securities would then be subject todelisting from The NASDAQ Capital Market. If Alexza is unable toregain compliance during the first 180 calendar day grace periodor, if applicable, the second 180 day compliance period, andreceives a delisting determination from NASDAQ it may, at thattime, request a hearing to remain on The NASDAQ Capital Market,which request will ordinarily suspend such delisting determinationuntil a decision by NASDAQ subsequent to the hearing.

Market Value Deficiency

Alexza previously received notice from NASDAQ indicating thatAlexza would be subject to delisting from The NASDAQ Capital Marketfor not meeting the continued listing requirement as set forth inNASDAQ Rule 5550(b)(2) based on the market value of Alexza's listedsecurities for the 30 business days preceding June 19, 2015. The minimum market value of listed securities forcontinued listing on The NASDAQ Capital Market is $35 million.Alexza subsequently requested a hearing before the NASDAQ ListingQualifications Panel to review the NASDAQ Determination and theNASDAQ Determination has been stayed, pending a final writtendecision by the Panel. Alexza cannot predict at this time whateffect, if any, the Notice may have on the Panel's ultimatedecision regarding the NASDAQ Determination. Additionally, Alexzacannot predict, based on the NASDAQ Determination, if it will beeligible for a second 180 day compliance period regarding theminimum closing bid price of the Common Stock, if necessary.

"There can be no assurance that Alexza will be successful inmaintaining the listing of its Common Stock on The NASDAQ CapitalMarket. This could impair the liquidity and market price of theCommon Stock. In addition, the delisting of the Common Stock froma national exchange could have a material adverse effect onAlexza's access to capital markets, and any limitation on marketliquidity or reduction in the price of the Common Stock as a resultof that delisting could adversely affect Alexza's ability to raisecapital on terms acceptable to Alexza, or at all," the Company saidin a regulatory filing with the Securities and Exchange Commission.

About Alexza Pharmaceuticals, Inc.

Alexza Pharmaceuticals is focused on the research, development, andcommercialization of novel, proprietary products for the acutetreatment of central nervous system conditions. Alexza's productsand development pipeline are based on the Staccato(R) system, ahand-held inhaler designed to deliver a pure drug aerosol to thedeep lung, providing rapid systemic delivery and therapeutic onset,in a simple, non-invasive manner. Active pipeline productcandidates include AZ-002 (Staccato alprazolam) for the managementof epilepsy in patients with acute repetitive seizures and AZ-007(Staccato zaleplon) for the treatment of patients with middle ofthe night insomnia.

Alexza Pharmaceuticals reported a net loss of $36.7 million in 2014compared to a net loss of $39.6 million in 2013.

As of Sept. 30, 2015, the Company had $26.2 million in totalassets, $95.1 million in total liabilities and a $68.8 milliontotal stockholders' deficit.

Ernst & Young LLP, in Redwood City, California, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended Dec. 31, 2014, citing that the Company has recurringlosses from operations and has a net capital deficiency that raisesubstantial doubt about its ability to continue as a going concern.

(a) advise the Debtor with respect to its duties, powers and responsibilities under the laws of the United States and Puerto Rico in which the Debtor conducts its operations, does business, or is involved in litigation;

(b) advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, help the Debtor in the orderly liquidation of its assets;

(c) assist the Debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets or for proposing a viable plan of reorganization;

(d) prepare on behalf of the Debtor the necessary complaints, answers, orders, reports, memoranda of law or any other legal papers or documents;

(e) appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to its bankruptcy case;

(f) perform other legal services for the Debtor as may be required or in connection with the operation of/and involvement with the Debtor's business, including professional services, if necessary; and

(g) employ other professional services, if necessary.

To the best of the Debtor's knowledge, neither Carmen D. CondeTorres nor any of her employees, represents or hold any interestadverse to it or the estate in the matters upon which she is to beengaged.

Elli Levinson-Sela, general counsel and corporate secretary of thecompany, explained: "Following Mega Retail Ltd.'s debt arrangement,the company assumed liabilities to support Mega, includinginjection of funds not to exceed the maximum amounts that weredetermined in the arrangement, and subsequently the companyextended various guarantees in favor of Mega. In addition, thereare existing guarantees that were extended in favor of Mega onaccount of various liabilities of Mega prior to Mega's debtarrangement. Therefore, the success of Mega's reorganization planhas material implications on the cash resources of the company.

"In addition, the company reached agreements in principle forrescheduling its debt which have not yet approved by its financialcreditors – the bank lenders and the Series C bondholders. Inthe event these agreements in principle are not formulated intodefinitive agreements duly approved by all relevant parties, thecompany will be required to sell all of its assets within a shorttime period in order to repay all of its liabilities, which willresult in the impairment of the company's assets.

"In light of the uncertainty regarding the success of Mega'sreorganization plan and the need to consummate the company's debtarrangement with its financial creditors and to sell assets foramounts that reflect their fair value, which depend among others,on agreements with third parties, there are substantial doubtsregarding the company's continued existence as a 'going concern'.

"The company's management believes that subject to the success ofMega's reorganization plan, which would result in the reduction ofliabilities and guarantees of the company in favor of Mega andcontinuation of Mega as a going concern (including but not limitedto compliance by Mega with its payments to property owners,employees and suppliers such that the company will not be requiredto realize guarantees for Mega), and subject to the completion ofthe arrangement in principle as agreed with the company's financialcreditors, the company has assets that exceed the value of itsliabilities."

At September 30, 2015, the company had total assets ofNIS6,895,394,000, total liabilities of NIS6,214,061,000 and totalequity of NIS681,332,000.

The company incurred a net loss from continued operations ofNIS21,755,000 for the three months ended September 30, 2015,compared with a net loss from continued operations of NIS12,606,000for the three months ended September 30, 2014. The company alsoposted a net loss from discontinued operations from NIS721,380,000for the three months ended September 30, 2015 as compared with anet profit from discontinued operations of $20,790,000 for thethree months ended September 30, 2014.

Full-text copies of the company's Form 6-K filing and financialresults are available for free at:

Alon Blue Square Israel Ltd. (NYSE: BSI) operates in fivereportable operating segments and is the largest retail company inIsrael. In the Fueling and Commercial Sites segment, Alon BlueSquare through its 63.13% subsidiary, which is listed on the TelAviv stock exchange (TASE), Dor Alon Energy in Israel (1988) Ltd.is one of the four largest fuel retail companies in Israel based onthe number of petrol stations and an operator of 211 petrolstations and 220 convenience stores in different formats in Israel. In its supermarket segment, Alon Blue Square, through itssubsidiary, Mega Retail Ltd., currently operates 125 supermarketsunder different formats, each offering a wide range of foodproducts. In its houseware and textile segment, Alon Blue Square,through its TASE traded 77.51% subsidiary, Na'aman Group (NV) Ltd.operates specialist outlets in self-operation and franchises andoffers a range of non-food products as retailer and wholesaler. Inthe real estate segment, Alon Blue Square, through its TASE traded53.92% subsidiary Blue Square Real Estate Ltd., owns, leases anddevelops income producing commercial properties and projects. Inaddition, Alon Blue Square operates the issuance and clearance ofgift certificates, through its 100% subsidiary, Alon Cellular Ltd,operates an MVNO network in Israel and through Diners Club IsraelLtd., an associate held at 36.75%, which operates in the sector ofissuance and clearance of YOU credit cards to the customer clubmembers of the group.

"I am obviously disappointed by the judge's decision to confirm thedebtors' reorganization plan and hand ownership of American Apparelto its bondholders," Mr. Chaney said

"This outcome is one that I have been working tirelessly for nearlytwo years to avoid in an effort to protect value for the company'svarious stakeholders. Now all stockholders will have their sharesand value extinguished.

"Many of the company's loyal vendors will recover only cents on thedollar of what the company owes them. And the company's workers,faced with current management's inability to generate profits, facea highly uncertain future.

"It is without question that the debtors, Standard General and thebondholders carefully orchestrated a strategy to pass the Companyover to the bondholders without exposing it to fair market test orbidding.

"This outcome was the only logical and unfortunate conclusion ofmany months of pre-bankruptcy preparation on the part of thebondholders and the company's board.

"Here the bondholders and current management effectively usedChapter 11 as a defensive measure to thwart my efforts.

"This goal was pursued despite the many alternative pathways andopportunities to preserve value.

"As evidence of the lengths the Board went to in facilitating itsscheme they filed a 'lock-up' agreement, prohibiting securedcreditors and bondholders from considering alternative offers.

"Chief Judge Shannon was clearly concerned about the Company'sfailure to undertake any marketing effort and on November 19 heordered them to market the Company. Although the Debtors wereuncooperative even after the Court's order, through intensiveefforts with our financial partners, we submitted -- a bid that wasdemonstrably superior to the Debtors' filed plan. Indeed, theCourt said in its ruling that if American Apparel were for sale,the Court would not have hesitated to send the parties back to theauction table.

"The Debtors then increased the economics to match the offer, butrefused to engage in further negotiations. They then embarked on ascorched earth campaign to block further bids, subjecting myselfand my financial partners to days of depositions during the waningdays of the already truncated marketing process. In short, theydid everything possible to curtail all efforts to bring fair,reasonable value to creditors.

"Since relocating American Apparel to Los Angeles in the late1990's from South Carolina I was bucking conventional wisdom bytrying to preserve American manufacturing jobs and keep apparelmanufacturing in the United States. Even though everyone else wasmoving jobs offshore, I was able to build and grow a profitableapparel business by manufacturing domestically. At every stepalong the way people challenged me and said I was crazy for trying. American Apparel was one of the only companies that shattered thesweatshop paradigm by paying fair wages, and did so at scale. Bythe time American Apparel went public in 2007, it was running thelargest operating apparel manufacturing plant in the UnitedStates.

"For these endeavors I remain justifiably proud.

"There was logic to the company's unconventional business strategyas evidenced by the company's historic earnings.

"Until I was removed as CEO, the company had posted positive EBITDA(earnings before interest, taxes, depreciation and amortization) innine of the last ten years."

"There were many other things that we did differently at AmericanApparel, besides manufacturing domestically, in which we were aheadof the times.

"Whether it was deploying RFID technology in our retail stores,fulfilling e-commerce orders direct from retail stores, or openingstores in emerging neighborhoods before they were recognized asattractive retail markets (just a few examples among many), we wereoften ahead of the curve.

"It was because our organization respected and celebratedcreativity and unorthodox thinking that we were so successful, andI was committed to protecting this spirit of contrarian thinking.

"When the Company's board removed me as CEO in June 2014, I wasmidway through what was shaping up to be a successful recalibrationof American Apparel's business. The process of mydisenfranchisement ultimately resulted in a wealth transfer fromthe Company's shareholders, vendors, and employees to hedge funds,lawyers, and bankers.

"The company was rebounding from a catastrophic distribution centershift implemented by the former CFO and was on track to post apositive operating profit in the second quarter of 2014, and ontrack to hit its earnings guidance for the year of $40 millionEBITDA.

"With the company's bonds trading down because of the uncertaintyaround the success of the turnaround, I believe I was pushed out asCEO because of pressure that the bondholders exerted on thecompany's then CFO and board of directors (As I have alleged in mylitigation, I maintain the view that the then CFO, John Luttrell,conspired to sell the company behind my back and to that enddisenfranchised me as a shareholder during the June 2014 annualmeeting by way of a misleading and fraudulent proxy).

"The resolute goal of the bondholders was to sell the company sothey could profit, but I had to be pushed out of the way since Iwas the company's largest shareholder.

"I was not willing to give up, and I attempted to regain control ofthe company because of my concerns that the company was still in avery vulnerable position with its turnaround not yet complete.

"I feared, with good reason, that the new management, notunderstanding what made American Apparel successful in the firstplace, would try to run the company in a more "conventional"manner.

"Because the board and new management did not appreciate that avertically integrated domestic manufacturer had to approachbusiness in a fundamentally different fashion, I felt that thecompany's future was in serious jeopardy if they ran it like atraditional retailer. For this reason, I entered into apartnership with the hedge fund, Standard General, to regaincontrol of the company. I could have assembled a coalition ofshareholders to force a change at the board level, but given theurgency of the situation, I decided to surrender part of myeconomic interest in the company to regain control quickly.

"When Standard General did not deliver on their promises toreinstall me as CEO by late summer 2014, even though they hadappointed new directors constituting a majority of the board,Standard General said I could buy them out of their investment.When I showed up with investors to do precisely this, they saidthat they could only support a go-private transaction for theentire company.

"In December 2014, a private equity firm offered $1.30-$1.40 pershare to take the company private. The board rebuffed this offeras well, as offering inadequate value to shareholders for a companythey said was worth much more. Instead, the board pursued a pathwhere only a year later the shareholders are receiving zero. Theoffer that I made in conjunction with Hagan Capital to purchase thecompany was just one in a long list of offers, and there was noreason to believe that this one would end any differently, giventhe powerful forces steering the company towards a reorganizationwhere the bondholders end up owning the company. While manyparties close to me feared that this would be the outcome of mypartnership with Standard General, even they could not fathom sucha reversal.

"While outside observers might not yet appreciate it, I believe thepath being followed by the company's management is a road to ruin.The financial results of plummeting sales and EBITDA thus farsupport this. Management attempts to explain away their abysmalfinancial performance, as the result of inadequate liquidity, butthe truth is that they misunderstand the unique business model thatAmerican Apparel must pursue as a vertically integrated domesticmanufacturer.

"Their losses are self-inflicted, the result of poor decisions,made by executives who are learning as they go. Part of me canscarcely believe that a court could confirm their plan as feasiblegiven the operating performance of the business under theirmanagement and 18 months into their turnaround plan.

"But while the bondholders are likely to be put in a position tothrow good money after bad for consciously pursuing this path, Iworry for the manufacturing workers and the business community whoare the collateral damage to this corporate drama.

"I'm proud of the creativity and innovation that American Apparelfostered over the years. We made important strides in the areas ofethical manufacturing and art as they intersect with commerce.

"The sad reality is that American Apparel, the largest garmentmanufacturer in the United States, will not survive at this paceand I don't believe the current management has the talent to bringit back to health.

"At the end of this saga, I, like the many former stockholders,will most likely be left with nothing. Despite that, what gives megreat optimism are the things I possess that can't be stolen by apredatory hedge fund -- my ideas, values, drive, authenticity,integrity and my passion. To that end I ask that my supportersstay tuned."

The Debtors reported total assets of $199,360,934 and totalliabilities of $397,576,744.

The Debtors and their non-debtor affiliates operate a verticallyintegrated manufacturing, distribution, and retail business focusedon branded fashion-basic apparel, employing approximately8,500 employees across six manufacturing facilities andapproximately 230 retail stores in the United States and 17 othercountries worldwide.

AMERICAN APPAREL: Former CEO Assails "Faithless" Board in Court---------------------------------------------------------------Steven Church, writing for Bloomberg Brief - Distress & Bankruptcy,reported that Dov Charney accused the board of American ApparelInc. and its investors of conspiring to kick him out of theclothing company he founded and keep him from retaking control.

According to the report, Mr. Charney took the witness stand on Jan.21 in Delaware bankruptcy court in an effort to derail theretailer's reorganization plan in favor of one that would put himback in charge.

The report related that Mr. Charney began his testimony bydescribing how he built the business known for its racy ads,made-in-U.S.A. clothing and T-shirt slogans that championed causessuch as immigrants' rights. He quickly moved on to attack theinvestors and company insiders who he claimed moved to fire him sothey could take over, the report related.

"It was very hard to get past a board that was completelyfaithless," Mr. Charney said, the report related.

U.S. Bankruptcy Judge Brendan Shannon heard two days of testimonyin Wilmington to help him decide whether to approve AmericanApparel's reorganization plan, the report said. Judge Shannon saidhe will rule Jan. 25, the report added.

The Debtors reported total assets of $199,360,934 and totalliabilities of $397,576,744.

The Debtors and their non-debtor affiliates operate a verticallyintegrated manufacturing, distribution, and retail businessfocused on branded fashion-basic apparel, employing approximately8,500 employees across six manufacturing facilities andapproximately 230 retail stores in the United States and 17 othercountries worldwide.

The Plan will allow the Debtors to strengthen their balance sheetby converting over $200 million of Prepetition indebtedness intoReorganized American Apparel Equity Interests and enabling theDebtors to obtain a material infusion of new equity and debtcapital upon emergence that will permit the Debtors to exitbankruptcy protection expeditiously and with sufficient liquidityto implement their business plan. In addition, the Plan willprovide distributions to general unsecured creditors in the formof units in a litigation trust and, to each class of generalunsecured creditors that accepts the Plan, a portion of a $1million cash payment.

The GUC Payment will be divided as follows:

-- $10,000 for GUCs against American Apparel, Inc. -- $517,000 for GUCs against American Apparel (USA), LLC -- $470,000 for GUCs against American Apparel Retail, Inc. -- $1,000 for GUCs against American Apparel Dyeing & Finishing -- $1,000 for GUCs against KCL Knitting, LLC -- $1,000 for GUCs against Fresh Air Freight, Inc.

Parties who support the Plan include 100% of the lenders under thePrepetition ABL Facility, holders of over 95% in amount of thePrepetition Notes, and lenders under the Lion Credit Facility andthe UK Loan.

AMERICAN APPAREL: Wins Approval of Ch. 11 Reorganization Plan-------------------------------------------------------------Lillian Rizzo, writing for Dow Jones' Daily Bankruptcy Review,reported that a bankruptcy judge on Jan. 25 approved the chapter 11exit plan for American Apparel Inc., handing the retailer over toits bondholders and ending former Chief Executive Dov Charney'shope of regaining control of the company he founded.

According to the report, Judge Brendan Shannon approved the planfollowing a two-day hearing last week in U.S. Bankruptcy Court inWilmington, Del., where the court heard the testimony of PaulaSchneider, American Apparel's current CEO and Mark Weinsten, theretailer's chief restructuring officer.

The Debtors reported total assets of $199,360,934 and totalliabilities of $397,576,744.

The Debtors and their non-debtor affiliates operate a verticallyintegrated manufacturing, distribution, and retail businessfocused on branded fashion-basic apparel, employing approximately8,500 employees across six manufacturing facilities andapproximately 230 retail stores in the United States and 17 othercountries worldwide.

At the same time, S&P lowered its issue-level rating on thecompany's $445 million first lien term loan and $30 millionrevolving credit facility by two notches to 'CCC' from 'B-'. The'2' recovery rating is unchanged, indicating S&P's expectation forsubstantial recovery (70%-90%; lower half of the range) for lendersin the event of a payment default. S&P also lowered itsissue-level rating on the second lien notes by two notches to 'CC'from 'CCC' based on a '5' recovery rating, indicating S&P'sexpectation for modest recovery (10%-30%; lower half of the range)in the event of a payment default.

"The downgrade reflects our view that Aspect's refinancing risk hasescalated because a majority of the company's capital structurecomes due in less than six months," said Standard & Poor's creditanalyst Kenneth Fleming.

At the same time, S&P affirmed its 'B+' issue-level rating on thecompany's first-lien term loan maturing 2020 and revolving creditfacility. The recovery rating remains '2', indicating S&P'sexpectation of substantial (70% to 90%; lower half of the range)recovery in the event of a payment default. S&P also affirmed its'CCC+' issue-level rating on the second-lien term loan maturing2021. The '6' recovery rating remains unchanged and indicatesS&P's expectation of negligible (0% to 10%) recovery in the eventof payment default.

The outlook revision on Athlaction primarily reflects slowingEBITDA growth over the last 12 months. This slower EBITDA growthresulted from revenue challenges, specifically a negative currencyimpact from the stronger U.S. dollar, competitive challenges to itsLanyon business, and moderating attendance at some of its managedendurance races. Additionally, the company experienced workforcedisruption following its relocation to Dallas from San Diego afterthe leveraged buyout in 2013, particularly among its sales staff. Finally, Athlaction incurred higher-than-expected restructuringcosts in 2015, which Standard & Poor's includes in our calculationof adjusted EBITDA.

S&P could lower the rating if leverage remains above the mid-7xarea or FOCF is less than 3.5% of debt over the next year.

S&P could revise the outlook back to stable if it observesimprovement in the company's FOCF generation and operations,particularly its Lanyon business. S&P believes debt to EBITDA inthe low-7x area and FOCF above 5% of debt on a sustained basiscould support a stable outlook.

ATLANTIC & PACIFIC: Has Court OK to Reject 160 East Lease---------------------------------------------------------The Great Atlantic & Pacific Tea Company, et al., sought authorityfrom the United States Bankruptcy Court for the Southern Districtof New York to reject an unexpired lease of commercial realproperty located at 160 East 125th Street, in New York, pursuant toa stipulation and agreement with the landlord under the Lease, 160East 125th Owner, LLC.

Rainbow USA, Inc., as subtenant under a sublease of a portion ofthe property with one of the debtors, A&P Real Property, LLC, assublessor objected to the motion, which also provided for rejectionof the Sublease.

In a Memorandum Decision dated dated January 6, 2016, which isavailable at http://is.gd/OKBzPIfrom Leagle.com, Judge Robert D. Drain of the United States Bankruptcy Court for the SouthernDistrict of New York granted the Debtors' motion and deniedRainbow's objection to the extent set forth in the Court's November13, 2015 order.

Based in Montvale, New Jersey, The Great Atlantic & Pacific TeaCompany, Inc., and its affiliates are one of the nation's oldestleading supermarket and food retailers, operating approximately300supermarkets, beer, wine, and liquor stores, combination food anddrug stores, and limited assortment food stores across sixNortheastern states. The primary retail operations consist ofsupermarkets operated under a variety of well known trade names,or"banners," including A&P, Waldbaum's, SuperFresh, Pathmark, FoodBasics, The Food Emporium, Best Cellars, and A&P Liquors. TheCompany employs approximately 28,500 employees, over 90% of whomare members of one of twelve local unions whose members areemployed by the Debtors under the authority of 35 separatecollective bargaining agreements.

Judge Robert D. Drain of the U.S. Bankruptcy Court for theSouthernDistrict of New York issued an order directing jointadministrationof the Chapter 11 cases of The Great Atlantic & Pacific TeaCompany, Inc., and its debtor affiliates under lead case no.15-23007.

ATLANTIC CITY, NJ: Considers Bankruptcy as Aid Package Vetoed-------------------------------------------------------------Alex Wolf at Bankruptcy Law360 reported that Atlantic City isfacing renewed fears of bankruptcy after New Jersey Gov. ChrisChristie on Jan. 19, 2016, refused to sign off on a package ofbills promoted to stabilize the city's faltering economy, accordingto the mayor, who said the city will be forced into bankruptcywithout urgent municipal funding.

The package of legislation turned down on Jan. 19, was anchored byA3981, calling for a payment-in-lieu-of-taxes, or PILOT, planexempting city casinos from paying property taxes for 15 years inorder to stabilize the town's fiscal health.

ATLANTIC CITY, NJ: Manager Suggests Privatizing Fire Department---------------------------------------------------------------Hilary Russ at Reuters reported that Atlantic City' emergencymanager said the distressed New Jersey gambling hub should considerprivatizing its fire-fighting services and convention center andfind ways to make more money off its drinking water utility.

The city's updated fiscal rescue plan report comes one year afterGovernor Chris Christie appointed Kevin Lavin as emergency manager. Mr. Lavin's report, which also calls for additional layoffs,follows an initial assessment last March.

New Jersey taxpayers have so far spent $2.62 million on Mr. Lavinand his team of accountants, restructuring lawyers and a mediator,according to invoices obtained and reviewed by Reuters throughpublic records requests.

He said the city should consider privatizing the entertainment andsports arena Boardwalk Hall and should regionalize municipalservices, including police.

The city is facing tough odds. Its school district is projecting abudget deficit of up to $55 million in fiscal 2017.

Atlantic City also has at least $190 million of casino tax appealsand other unbonded debt. In part because of that, the city's"ability to raise public funds in order to repay the unbonded debtis highly unlikely," the report said.

ATLANTIC CITY: Officials to Talk Possibility of Bankruptcy----------------------------------------------------------Martin Bricketto at Bankruptcy Law360 reported that Atlantic Cityofficials have formally given notice of a special meeting on Jan.26, 2016, to consider the possibility of bankruptcy, which themayor says must be explored because of New Jersey Gov. ChrisChristie's refusal to sign rescue legislation for themunicipality.

In a statement on Jan. 21, announcing the emergency meeting of thecity council, Mayor Don Guardian said the state has failed todeliver on its promises and that Atlantic City has "done everythingwe can," including cooperating with an emergency manager Christieappointed for the municipality.

ATP OIL: Insurer Owes Contractor Defense, Court Rules-----------------------------------------------------Peter Hayes, writing for Bloomberg Brief - Distress & Bankruptcy,reported that a pollution exclusion clause in a contractor'sinsurance policy doesn't bar a duty to defend a suit if thepollutants that resulted in injuries to an employee of thecontractor may have been brought to the work site by thecontracting company for use by the contractor, a federal bankruptcycourt ruled Jan. 20.

According to the report, coverage would be barred if the contractorbrought the pollutants to the work site and they were present inconnection with the contractor's operations, the U.S. BankruptcyCourt for the Southern District of Texas said. Because theunderlying complaint didn't specify who brought the pollutants tothe site, there is a potential claim covered by the policy, whichtriggers the insurer's duty to defend, the court said, the reportrelated.

ATP disclosed assets of $3.6 billion and $3.5 billion ofliabilities as of March 31, 2012. Debt includes $365 million on afirst-lien loan where Credit Suisse AG serves as agent. There is$1.5 billion on second-lien notes with Bank of New YorkMellonTrust Co. as agent. ATP's other debt includes $35 milliononconvertible notes and $23.4 million owing to third parties fortheir shares of production revenue. Trade suppliers have claimsfor $147 million, ATP said in a court filing.

An official committee of unsecured creditors has been appointed inthe case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley &McCloy, in New York, represents the Creditors Committee ascounsel.

A seven-member panel of equity security holders has also beenappointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio,Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counselto the Equity Committee.

Judge Marvin Isgur of the U.S. Bankruptcy Court for the SouthernDistrict of Texas, Houston Division, issued an order on June 26,2014, converting ATP Oil & Gas Corporation's Chapter 11 case toone under Chapter 7 of the Bankruptcy Code.

Pursuant to the Court's approved sale process, bids from interestedbuyers are due to the Debtor by July 15, 2015 and an auction willbe conducted on July 20, 2015. During the due diligence process,the stalking horse bidder has identified certain environmentalissues on which the Debtor needs the advice of experiencedcounsel.

Kevin M. Lippman, shareholder of Munsch Hardt, assured the Courtthat the firm is a "disinterested person" as the term is defined inSection 101(14) of the Bankruptcy Code and does not represent anyinterest adverse to the Debtors and their estates.

BERNARD L. MADOFF: NY Court Won't Revive Investor Suit Against KPMG-------------------------------------------------------------------Cara Salvatore at Bankruptcy Law360 reported that a New Yorkappeals court has shut down litigation accusing auditing housesKPMG International and KPMG U.K. of committing derelictions of dutywhile working with Madoff Securities International Ltd., agreeingwith a trial judge on Jan. 19, 2016, that New York courts had nojurisdiction over the non-U.S. entities.

An Appellate Division panel agreed with Judge Richard Lowe that NewYork courts didn't have jurisdiction over the claims because anyharms did not occur in New York. The units allegedly helped Madofffurther his fraud through their accounting work.

About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madofforchestrated the largest Ponzi scheme in history, with lossestopping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.Stanton of the U.S. District Court for the Southern District ofNew York granted the application of the Securities InvestorProtection Corporation for a decree adjudicating that thecustomersof BLMIS are in need of the protection afforded by the SecuritiesInvestor Protection Act of 1970. The District Court's ProtectiveOrder (i) appointed Irving H. Picard, Esq., as trustee for theliquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as hiscounsel, and (iii) removed the SIPA Liquidation proceeding to theBankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)(Lifland,J.). Mr. Picard has retained AlixPartners LLP as claims agent.

On April 14, 2009, Grant Thornton UK LLP as receiver placed MadoffSecurities International Limited in London under bankruptcyprotection pursuant to Chapter 15 of the U.S. Bankruptcy Code(Bankr. S.D. Fla. 09-16751). The Chapter 15 case was latertransferred to Manhattan. In June 2009, Judge Lifland approvedtheconsolidation of the Madoff SIPA proceedings and the bankruptcycase.

Judge Denny Chin of the U.S. District Court for the SouthernDistrict of New York on June 29, 2009, sentenced Mr. Madoff to 150years of life imprisonment for defrauding investors in UnitedStates v. Madoff, No. 09-CR-213 (S.D.N.Y.).

From recoveries in lawsuits coupled with money advanced by SIPC,Mr. Picard has commenced distributions to victims. As of the endof May 2015, the SIPA Trustee has recovered more than $10.699billion and has distributed approximately $7.576 billion. Whenadditional settlements awaiting distribution are taken intoaccount, the recovery in the Madoff liquidation proceeding totals$10.734 billion.

BioLife Solutions reported a net loss of $3.30 million on $6.19million of total revenue for the year ended Dec. 31, 2014, comparedwith a net loss of $1.08 million on $8.94 million of total revenueduring the prior year.

As of Sept. 30, 2015, the Company had $13.2 million in totalassets, $2.44 million in total liabilities and $10.78 million intotal shareholders' equity.

BRANTLEY LAND: Case Dismissal Hearing Continued to March 10-----------------------------------------------------------The U.S. Bankruptcy Court for the Southern District of Georgiacontinued until March 10, 2016, the hearing to consider the motionto dismiss the Chapter 11 case of Brantley Land & Timber Company,LLC, or, in the alternative, for relief from stay by State Bank andTrust Company.

As reported in the Troubled Company Reporter on Nov. 20, 2015, State Bank and Trust Company filed a motion to dismiss thebankruptcy case of the Debtor alleging that there is no useful bankruptcy purpose served by the case.

SB&T asserted that the Debtor now owns no lots in a development ofover twelve hundred, that SB&T's assigned mortgage payments arediminishing, and that SB&T's remaining cash collateral is beingrapidly consumed by professional fees.

In the alternative, SB&T asked the Court to modify the AutomaticStay regarding SB&Ts remaining security interests in the realestate development property securing its loan and regarding itscash collateral pursuant to the loan documents and applicablenon-bankruptcy law in effect as of the date the Court ordersmodification of the automatic stay, including but not limited toforeclosure of SB&Ts interests therein, determination of anydeficiency, the filing of appropriate claims, and other rights andremedies available to SB&T under both bankruptcy and non-bankruptcy

law;. There is no available equity in SB&Ts collateral for thebenefit of the estate and the bank is not adequately protected.

SB&T also asked the Court for permission to file an amendedunsecured claim in the bankruptcy case.

Further, SB&T requested that all unearned and unawarded fundscurrently in the Chapter 11 Trustee attorney's account on retainershould be returned to the Trustee's Account, and that the Chapter11 Trustee then disburse all funds in the Trustee's Account toSB&T.

The Debtor, which is controlled by the receiver, tapped McCallarLaw Firm as counsel.

The U.S. Trustee for Region 21 is not attempting to form acommittee of unsecured creditors in the Chapter 11 case of theDebtor, at this time.

BRUNSWICK: Moody's to Retain Ba1 CFR on Acquisition of Cybex------------------------------------------------------------Moody's Investors Service said Brunswick's (Ba1 positive)announcement that it acquired Cybex International, Inc. for $195million is credit positive as it slightly reduces leverage, butmore importantly it strengthens Brunswick's Life Fitness businessand helps balance the cyclicality of the marine business.

The principal methodology used in this rating was the ConsumerDurables Industry published in September 2014.

CAESARS ENT: Court Wants Examiner's Report To Be Made Public------------------------------------------------------------Reuters reports that U.S. Bankruptcy Judge Benjamin Goldgar on Jan.20, 2015, said that he might dismiss Caesars Entertainment Corp.'sChapter 11 bankruptcy case or convert it to one under Chapter 7liquidation if the Company insists that the results of a probe into whether the Company transferred its most profitableproperties to new owners before filing to reorganize under Chapter11 remain sealed.

The Company has denied junior bondholders' allegation that thepre-bankruptcy transfer of valuable casinos and properties wasdesigned to create a "good Caesars" that would keep returningprofits to its private equity owners and a "bad Caesars" doomed tobankruptcy, Reuters relates.

Reuters recalls that Judge Goldgar ordered in March 2015 anindependent probe into the allegation, but as the investigationnears its close, the attorney for examiner Richard Davis told theBankruptcy Court on Jan. 20 that the Company and its unit had askedfor the report to be filed under seal.

Reuters quoted Judge Goldgar as saying, "You can't have abankruptcy process dependent on an examiner's report (. . .) on thetheory that the report will then allow everyone to walk awaysmiling and holding hands and then object to it ever beingreleased."

Judge Goldgar, according to Reuters, agreed to allow a redactedversion of the report, which could be ready by the end of February,but ordered Mr. Davis to go back to the drawing board for aprocedure to release the full report.

Citing three sources with direct knowledge of the talks, JoshKosman at New York Post relates that the examiner's report islikely to conclude there was a degree of civil fraud connected tothe transfer.

About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,is one of the world's largest casino companies. Caesars casinoresorts operate under the Caesars, Bally's, Flamingo, GrandCasinos, Hilton and Paris brand names. The Company has itscorporate headquarters in Las Vegas. Harrah's announced itsre-branding to Caesar's in mid-November 2010.

In January 2015, Caesars Entertainment and subsidiary Caesars Entertainment Operating Company, Inc., announced that holders ofmore than 60% of claims in respect of CEOC's 11.25% senior securednotes due 2017, CEOC's 8.5% senior secured notes due 2020 andCEOC's 9% senior secured notes due 2020 have signed the Amendedand Restated Restructuring Support and Forbearance Agreement,dated as of Dec. 31, 2014, among Caesars Entertainment, CEOC andthe Consenting Creditors. As a result, The RSA became effectivepursuant to its terms as of Jan. 9, 2015.

The U.S. Trustee has appointed seven noteholders to serve in theOfficial Committee of Second Priority Noteholders and nine membersto serve in the Official Unsecured Creditors' Committee.

The U.S. Trustee appointed Richard S. Davis as Chapter 11examiner.

On February 5, 2015, U.S. Trustee Patrick Layng appointed ninecreditors to the Debtors' official committee of unsecuredcreditors. Two of these creditors -- the Board of LeveeCommissioners for the Yazoo Mississippi Delta and MeehanCombsGlobal Credit Opportunities Master Fund LP -- resigned from thecommittee following their appointment. They were replaced by theNational Retirement Fund and Relative Value-Long/Short Debt, aSeries of Underlying Funds Trust.

CAESARS ENTERTAINMENT: Judge Rips Attys. for Phone Use at Hearings------------------------------------------------------------------Jessica Corso at Bankruptcy Law360 reported that an Illinoisfederal judge expressed concern on Jan. 20, 2015, with the manyKirkland & Ellis LLP attorneys present at Caesars' bankruptcyhearings, saying he'd grant the firm's latest $13.7 million feerequest even though he wasn't entirely sure that some of itsattorneys weren't just passing the time on their smartphones. "There are an awful lot of Kirkland & Ellis attorneys at thesemeetings," U.S. Bankruptcy Judge Benjamin Goldgar said at thelatest omnibus hearing in the Chapter 11 case of CaesarsEntertainment Operating Co.

About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,is one of the world's largest casino companies. Caesars casinoresorts operate under the Caesars, Bally's, Flamingo, GrandCasinos, Hilton and Paris brand names. The Company has itscorporate headquarters in Las Vegas. Harrah's announced itsre-branding to Caesar's in mid-November 2010.

In January 2015, Caesars Entertainment and subsidiary CaesarsEntertainment Operating Company, Inc., announced that holders ofmore than 60% of claims in respect of CEOC's 11.25% senior securednotes due 2017, CEOC's 8.5% senior secured notes due 2020 andCEOC's 9% senior secured notes due 2020 have signed the AmendedandRestated Restructuring Support and Forbearance Agreement, dated asof Dec. 31, 2014, among Caesars Entertainment, CEOC and theConsenting Creditors. As a result, The RSA became effectivepursuant to its terms as of Jan. 9, 2015.

The U.S. Trustee has appointed seven noteholders to serve in theOfficial Committee of Second Priority Noteholders and nine membersto serve in the Official Unsecured Creditors' Committee.

The U.S. Trustee appointed Richard S. Davis as Chapter 11examiner.

On Feb. 5, 2015, U.S. Trustee Patrick Layng appointed ninecreditors to the Debtors' official committee of unsecuredcreditors. Two of these creditors -- the Board of LeveeCommissioners for the Yazoo Mississippi Delta and MeehanCombsGlobal Credit Opportunities Master Fund LP -- resigned from thecommittee following their appointment. They were replaced by theNational Retirement Fund and Relative Value-Long/Short Debt, aSeries of Underlying Funds Trust.

CAESARS ENTERTAINMENT: Judge Says Make Report Public or Chapter 7-----------------------------------------------------------------Tracy Rucinski at Reuters reported that a U.S. judge on Jan. 20,2016, opened the door to dismissing the $18 billion Caesarsbankruptcy case unless parties find a way to make public results ofa probe into whether the casino operator transferred its mostprofitable properties to new owners before filing to reorganizeunder Chapter 11.

If Caesars insists that the report remain sealed, U.S. BankruptcyJudge Benjamin Goldgar said he might dismiss the bankruptcy case,or convert it from Chapter 11 reorganization to a Chapter 7liquidation "which would be a hoot."

In March, Goldgar ordered an independent investigation intocreditor accusations that Caesars Entertainment Corp had strippedits casino operating unit of its best assets.

As the investigation nears its close, a lawyer for examiner RichardDavis said in court on Jan. 20, 2016, that Caesars and its unit hadasked for the report, which contains some 7 million pages, to befiled under seal. Judge Goldgar was furious.

"You can't have a bankruptcy process dependent on an examiner'sreport (...) on the theory that the report will then allow everyoneto walk away smiling and holding hands and then object to it everbeing released," Judge Goldgar said.

He agreed to allow a redacted version of the report, which could beready by the end of February, to be filed temporarily alongside apublic summary, but told the examiner to go back to the drawingboard for a procedure to release the full report.

Junior bondholders allege that the pre-bankruptcy transfer ofvaluable casinos and properties was designed to create a "goodCaesars" that would keep returning profits to its private equityowners and a "bad Caesars" that was doomed to bankruptcy. Caesarshas denied the allegations.

The examiner's report is considered a major hurdle for Caesars togain the support of bitter bondholders for its restructuring plan,which envisions splitting the bankrupt unit into a casino operatorand a property company.

About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,is one of the world's largest casino companies. Caesars casinoresorts operate under the Caesars, Bally's, Flamingo, GrandCasinos, Hilton and Paris brand names. The Company has itscorporate headquarters in Las Vegas. Harrah's announced itsre-branding to Caesar's in mid-November 2010.

In January 2015, Caesars Entertainment and subsidiary CaesarsEntertainment Operating Company, Inc., announced that holders ofmore than 60% of claims in respect of CEOC's 11.25% senior securednotes due 2017, CEOC's 8.5% senior secured notes due 2020 andCEOC's 9% senior secured notes due 2020 have signed the AmendedandRestated Restructuring Support and Forbearance Agreement, dated asof Dec. 31, 2014, among Caesars Entertainment, CEOC and theConsenting Creditors. As a result, The RSA became effectivepursuant to its terms as of Jan. 9, 2015.

The U.S. Trustee has appointed seven noteholders to serve in theOfficial Committee of Second Priority Noteholders and nine membersto serve in the Official Unsecured Creditors' Committee.

The U.S. Trustee appointed Richard S. Davis as Chapter 11examiner.

On Feb. 5, 2015, U.S. Trustee Patrick Layng appointed ninecreditors to the Debtors' official committee of unsecuredcreditors. Two of these creditors -- the Board of LeveeCommissioners for the Yazoo Mississippi Delta and MeehanCombsGlobal Credit Opportunities Master Fund LP -- resigned from thecommittee following their appointment. They were replaced by theNational Retirement Fund and Relative Value-Long/Short Debt, aSeries of Underlying Funds Trust.

CAESARS ENTERTAINMENT: Status Hearing Held on Bid to Disqualify K&E-------------------------------------------------------------------The Hon. A. Benjamin Goldgar of the U.S. Bankruptcy Court for theNorthern District of Illinois has issued an order:

(A) construing the motion of the second lien noteholders committee seeking to reconsider the retention of Kirkland & Ellis LLP as counsel for Caesars Entertainment Operating Co. Inc. and its debtor- affiliates as a motion to revoke the firm's retention,

(B) narrowing the issues on the motion, and

(C) permitting limited discovery.

According to the order, the issues on the motion are narrowed asfollows:

(1) what advice did the firm give the CEOC board meeting on Aug. 3, 2014, and

(2) whether that advice shows that the firm is not disinterested as Section 327(a) of the Bankruptcy Code requires.

The Committee is permitted to take discovery on its motion limitedto the two conferences calls mentioned in the Committee's replypreceding the August 3 board meeting, the August 3 board meetingitself, the original minutes of the meeting, the creation of therevised minutes, the approval of the revised minutes, and anycommunications about the New York action between the firm and thetwo law firms acknowledged to have been involved in the decision tothe file the action.

The motion was scheduled for further status to Jan. 20, 2016, at1:30 p.m.

As previously reported by the Troubled Company Reporter, thenoteholders committee is seeking to block the firm fromrepresenting the Debtor, alleging that a prominent attorney withthe firm concealed a potential conflict.

In November 2015, Kirkland released a statement denying claims ofthe junior bondholders committee that the firm's James Sprayregenconcealed conflicts that should have disqualified the firm fromrepresenting CEOC.

A Bloomberg News report in November said the noteholders groupwants the Bankruptcy Court to reconsider its order approving thefirm's employment because the noteholder committee "recentlydiscovered that testimony offered by Kirkland in support of thatapplication was incomplete and misleading." Bloomberg News'Stephanie Cumings reported that at the heart of the dispute aresome 50 transactions that took place before the bankruptcy that arenow the subject of several lawsuits pending in New York andDelaware that were initiated by the noteholders. "Depending onone's point of view, these transactions were intended either toincrease liquidity and provide [the debtor] with badly neededcapital or to loot [the debtor] of valuable assets, transferringthem to [the parent] and related companies," the report related.

CEOC retained Kirkland in July 2014, and the committee alleges thatKirkland led an investigation into the 50 challenged transactions.The noteholders say this investigation revealed that the debtor had"received insufficient consideration" for the transfers and theywere therefore "constructively fraudulent," the Bloomberg reportfurther related. Despite these findings, the debtor and its parentcompany, Caesars Entertainment Corporation, filed suit in New Yorkin August 2014 against various creditors seeking a declaration thatthe companies had "not breached their fiduciary duties or engagedin fraudulent transfers, or otherwise engaged in any violation oflaw," the report added.

About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,is one of the world's largest casino companies. Caesars casinoresorts operate under the Caesars, Bally's, Flamingo, GrandCasinos, Hilton and Paris brand names. The Company has itscorporate headquarters in Las Vegas. Harrah's announced itsre-branding to Caesar's in mid-November 2010.

In January 2015, Caesars Entertainment and subsidiary Caesars Entertainment Operating Company, Inc., announced that holders ofmore than 60% of claims in respect of CEOC's 11.25% senior securednotes due 2017, CEOC's 8.5% senior secured notes due 2020 andCEOC's 9% senior secured notes due 2020 have signed the Amended andRestated Restructuring Support and Forbearance Agreement, dated asof Dec. 31, 2014, among Caesars Entertainment, CEOC and theConsenting Creditors. As a result, The RSA became effectivepursuant to its terms as of Jan. 9, 2015.

The U.S. Trustee has appointed seven noteholders to serve in theOfficial Committee of Second Priority Noteholders and nine membersto serve in the Official Unsecured Creditors' Committee.

The U.S. Trustee appointed Richard S. Davis as Chapter 11examiner.

On February 5, 2015, U.S. Trustee Patrick Layng appointed ninecreditors to the Debtors' official committee of unsecuredcreditors. Two of these creditors -- the Board of LeveeCommissioners for the Yazoo Mississippi Delta and MeehanCombsGlobal Credit Opportunities Master Fund LP -- resigned from thecommittee following their appointment. They were replaced by theNational Retirement Fund and Relative Value-Long/Short Debt, aSeries of Underlying Funds Trust.

CARDIAC SCIENCE: Files Bankruptcy Rule 2015.3 Periodic Report-------------------------------------------------------------Cardiac Science Corp. filed a report on the value, operations andprofitability, as of Sept. 30, 2015, of these companies in which itholds a substantial or controlling interest:

The Company currently employs approximately 200 people in twofacilities located in Wisconsin, and another 93 part time"educators" around the country who educate the Debtor's customerson how to use its products. The Debtor has customers in more than100 countries.

The Company estimated assets in the range of $10 million to $50million and liabilities of at least $100 million.

Celestica Electronics (M) SDN BHD is the Debtor's largest unsecuredcreditor holding a claim of $2.5 million.

The Senior Secured Lenders have voted unanimously in favor of thePlan; and 102 Secured Noteholders with voting claims representing88% in number and 93% in value of voting claims, have voted infavor of the Plan.

The CCAA Plan is supported by FTI Consulting Canada Inc., thecourt-appointed monitor of Cash Store et al.; the CRo, the Ad HocCommittee, the Ontario Consumer Class Action Plaintiffs, theWestern Canada Consumer Class Action Plaintiffs, DirectCash, theDirectors and Officers (the "D&Os") and the Insurers, who are partyto a series of global settlements implemented in connection withthe Plan. The settlements will bring about significant additionalrecoveries for a broad range of stakeholders of the Applicants.

At the commencement of the CCAA proceedings, the Applicants werecapitalized mainly by (i) a C$12 million Senior Secured CreditFacility and C$132.5 million of Second Lien Secured Notes.

During the CCAA proceeding, the Applicants engaged in asset saletransactions with National MIOney Mart Company, easyfinancialServices, Inc., and CSF Asset Management Ltd. The asset salesresulted in sales of substantially all of the Applicants'realizable assets and brought C$54.3 million in to the estate. Theproceeds are currently held by the Monitor and the remaining assetsale proceeds will be sufficient to pay (i) the remaining amountsoutstanding under the DIP Credit Facility, and (ii) the First LienLenders in respect of the Senior Secured Debt but will not besufficient to repay (iii) the holders of the Applicants' SecondLien Secured Notes.

Since the completion of the Assets Sales, the Applicants have beenengaged in minimal ongoing operational activities with the focus oftheir efforts being on the orderly wind-down of the remainingbusiness assets and the resolution of outstanding claims asserted(i) against the Applicants by various stakeholders, and (ii) by theApplicants against certain third party defendants.

Together with the Ad Hoc Committee of Secured Noteholders and theMonitor, the Applicants were engaged in negotiations with variouslitigation claimants and other interested parties. Thenegotiations resulted in various settlement agreements, which willincrease the recoveries available to the Applicants' stakeholders. Pursuant to the settlement Agreements, these additional recoveriesbecame available:

(a) Under the Priority Motion Settlement - C$3.4 million;

(b) Under the DirectCash Global Settlement - C$14.5 million; and

(c) Under the D & O / Insurer Global Settlement - C$19 million.

A copy of the Ontario Court's Plan Sanction Order is available forfree at:

A copy of FTI's filing of the written reasons entered by theOntario Court on Nov. 20, 2015 for the Endorsement it released onNov. 19, 2015 in connection with its Plan Sanction Order isavailable for free at:

Cash Store Financial and Instaloans primarily act as lenders tofacilitate short-term advances and provide other financial servicesto income-earning consumers who may not be able to obtain them fromtraditional banks. Cash Store Financial also providesprivate-label debit cards.

Cash Store Financial is not affiliated with Cottonwood FinancialLtd. or the outlets Cottonwood Financial Ltd. operates in theUnited States under the name "Cash Store". Cash Store Financialdoes not do business under the name "Cash Store" in the UnitedStates and does not own or provide any consumer lending services inthe United States.

Cash Store Financial reported a net loss and comprehensive loss ofC$35.5 million for the year ended Sept. 30, 2013, as compared witha net loss and comprehensive loss of C$43.5 million for the yearended Sept. 30, 2012. As of Sept. 30, 2013, the Company had C$165million in total assets, C$166 million in liabilities, and a C$1.32million shareholders' deficit.

"The Canadian Proceeding is hereby recognized as a foreign mainproceeding pursuant to Section 1517(b)(1) of the Bankruptcy Code,and all relief under Section 1520 of the Bankruptcy Code shallapply in this case," Judge Wiles ruled.

"The releases contained in sections 7.1 (c), (d), (f), (g) and (n)of the Plan as contemplated by D&O/Insurer Global SettlementAgreement, and the injunctions contained in section7.3 of the Plan, as approved by the Plan Sanction Order, are herebygiven full force and effect in the United States pursuant tosections 105, 1507 and 1521 of the Bankruptcy Code; provided,however, that nothing in this order shall operate to enjoin theexercise of any police or regulatory power by a governmental unitor to release any claim based on the exercise of such police orregulatory power, including the enforcement of a judgment otherthan a monetary judgment, obtained in an action or proceeding by agovernmental unit to enforce such governmental unit's police orregulatory power[.]"

Settlement

Cash Store commenced the ancillary Chapter 15 cases in order toexpedite the implementation of a plan of compromise and arrangementunder the CCAA and permit distributions to creditors at theearliest possible date.

As reported in the Oct. 19, 2015 edition of the TCR, together withthe Ad Hoc Secured Noteholders Committee and the Monitor, the CashStore Applicants have engaged in negotiations with variouslitigation claimants and other interested parties in an effort toresolve (i) numerous claims made against the Cash Store Applicantsand their assets and (ii) numerous claims made by the Cash StoreApplicants against third party defendants.

The plaintiffs in the Securities Class Actions, the plaintiffs inthe Consumer Class Actions, Cash Store, and the D&Os, entered asettlement agreement on Sept. 22, 2015, following two mediationsbefore the Honorable Mr. George Adams, a retired Justice of theOntario Superior Court of Justice. Pursuant to the D&O/InsurerGlobal Settlement Agreement, the D&Os will pay a total of C$19,033,333 allocated as follows:

(i) C$4,875,000 to settle the claims asserted by the Securities Class Action Plaintiffs against the D&Os on behalf of the Cash Store Applicants' shareholders;

(ii) C$8,904,167 to settle the claims asserted by the Securities Class Action Plaintiffs against the D&Os on behalf of the Secured Noteholders;

(iii) C$1,437,500 to settle the claims asserted by the Ontario Consumer Class Action Plaintiffs against the D&Os;

(iv) C$1,066,666 to settle the claims asserted by the Western Canada Consumer Class Action Plaintiffs against the D&Os; and

(v) C$2,750,000 to settle the claims asserted by the Cash Store Applicants against the D&Os, in exchange for the releases provided therein.

The Plan

The Cash Store Applicants have formulated the Plan which has thesupport of the Monitor, the Ad Hoc Secured Noteholders Committee(representing approximately 70% of the Secured Noteholders), theSenior Secured Lenders, the Securities Class Action Plaintiffs, theConsumer Class Action Plaintiffs, and the other parties to theSettlements. The purpose of the Plan is to, among other things,(i) distribute proceeds of the Cash Store Applicants assets totheir secured creditors according to their priorities, (ii) providea central forum for the distribution of proceeds from theSettlements to various stakeholders according to their interestsand entitlements, (iii) give effect to the releases contemplatedfor the Released Parties in exchange for the settlement paymentsmade by those parties under the Settlements, and (iv) position theCash Store Applicants to continue pursuing the Remaining EstateClaims for the benefit of stakeholders.

Two classes of Affected Creditor Claims are contemplated under thePlan: (i) the Senior Lender Class, comprising the Senior SecuredLenders, and (ii) the Secured Noteholder Class, comprising theSecured Noteholders. Only Affected Creditors are entitled toattend and vote on the Plan. The Plan provides the followingtreatment for these classes:

The Senior Lender Class. Each Senior Secured Lender with an Allowed Senior Secured Credit Agreement Claim will receive payment in full of the outstanding principal owed to them plus accrued interest to the date of implementation of the Plan, less certain amounts to be paid as part of the Settlements.

The Secured Noteholder Class. Each Secured Noteholder will receive its pro rata share of the Cash Store Applicants' cash on hand following the payment to the Senior Lender Class and less certain reserves and other payments set forth in the Plan. Each Secured Noteholder will also be entitled to its pro rata share of any proceeds recovered by the Cash Store Applicants following the implementation of the Plan, whether received by the Cash Store Applicants from the Remaining Estate

Claims, tax refunds, reversions of the reserves or otherwise, to be distributed on a subsequent distribution date.

In the event that there are sufficient funds to pay the SecuredNoteholder Class in full, excess amounts will revert to the CashStore Applicants for distribution pursuant to a further order fromthe Ontario Court. In addition, the Plan provides for proceeds ofthe Settlements to be allocated and distributed to the ConsumerClass Action Plaintiffs and the Securities Class Action Plaintiffsunder the terms of the Settlements.

Certain categories of claims are Unaffected Claims which will notbe affected by or receive distributions under the Plan. UnaffectedClaims are generally any claims other than the Senior SecuredCredit Agreement Claims, the Secured Noteholder Claims and theReleased Claims, including without limitation, all unsecuredclaims.

About Cash Store Financial

Cash Store Financial and Instaloans primarily act as lenders tofacilitate short-term advances and provide other financialservicesto income-earning consumers who may not be able to obtain themfromtraditional banks. Cash Store Financial also providesprivate-label debit cards.

Cash Store Financial is not affiliated with Cottonwood FinancialLtd. or the outlets Cottonwood Financial Ltd. operates in theUnited States under the name "Cash Store". Cash Store Financialdoes not do business under the name "Cash Store" in the UnitedStates and does not own or provide any consumer lending servicesinthe United States.

Cash Store Financial reported a net loss and comprehensive loss ofC$35.5 million for the year ended Sept. 30, 2013, as compared witha net loss and comprehensive loss of C$43.5 million for the yearended Sept. 30, 2012. As of Sept. 30, 2013, the Company had C$165million in total assets, C$166 million in liabilities, and aC$1.32million shareholders' deficit.

The Debtor estimated assets between $50 million and $100 million,and debts of between $100 million and $500 million.

CLIFFS NATURAL: Hibbing Gets Mine Safety Order at Minnesota Plant-----------------------------------------------------------------Hibbing Taconite Company, the operations of which are managed by awholly-owned subsidiary of Cliffs Natural Resources Inc., receivedan order from MSHA at the Company's plant in Minnesota regarding awelder observed on a piece of equipment in an elevated positionwithout fall protection. The welder came down from the elevatedposition, and the Order was subsequently terminated.

The condition cited in the Order did not result in an accident orinjury and is not expected to have a material adverse impact on theCompany's operations at the mine.

Section 1503(b)(1) of the Dodd-Frank Act requires the disclosure ona Current Report on Form 8-K of the receipt of an imminent dangerorder under section 107(a) of the Federal Mine Safety and HealthAct of 1977 issued by the Mine Safety and Health Administration.

About Cliffs Natural Resources

Cliffs Natural Resources Inc. --http://www.cliffsnaturalresources.com/-- is a mining and natural resources company. The Company is a major supplier of iron orepellets to the U.S. steel industry from its mines and pellet plantslocated in Michigan and Minnesota. Cliffs also produceslow-volatile metallurgical coal in the U.S. from its mines locatedin West Virginia and Alabama. Additionally, Cliffs operates aniron ore mining complex in Western Australia and owns twonon-operating iron ore mines in Eastern Canada. Driven by the corevalues of social, environmental and capital stewardship, Cliffs'employees endeavor to provide all stakeholders operating andfinancial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain ofits affiliates, including Cliffs Quebec Iron Mining ULC commencedrestructuring proceedings in Montreal, Quebec, under the Companies'Creditors Arrangement Act (Canada). The initial CCAA order willaddress the Bloom Lake Group's immediate liquidity issues andpermit the Bloom Lake Group to preserve and protect its assets forthe benefit of all stakeholders while restructuring and saleoptions are explored.

The Company reported a net loss of $8.31 billion in 2014 followingnet income of $362 million in 2013.

As of Sept. 30, 2015, the Company had $2.27 billion in totalassets, $4.03 billion in total liabilities and a $1.75 billiontotal deficit.

* * *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's RatingsServices said it lowered its corporate credit rating on CliffsNatural Resources Inc. to 'B' from 'BB-'. The downgrade ofCleveland-based Cliffs Natural Resources is driven by a revisionof the company's financial risk profile to "highly leveraged" from"aggressive" as a result of S&P's lowered iron ore priceassumptions. The 24% cut to $65 per metric ton marked thethird downward revision since early 2014, when S&P's forecastprices were more than $100 per metric ton.

The TCR reported on Jan. 8, 2016, that Moody's Investors Servicedowngrade Cliffs Natural Resources Inc. Corporate Family Rating andProbability of Default Rating to Caa1 and Caa1-PD from B1 and B1-PDrespectively. The downgrade reflects the deterioration in thecompany's debt protection metrics and increase in leverage as aresult of continued downward movement in iron ore prices and weakfundamentals in the US steel industry, which are resulting in lowershipment levels.

CONGREGATION BIRCHOS: Taps Allen Kolber as Counsel--------------------------------------------------Congregation Birchos Yosef seeks authorization from the Hon. RobertD. Drain of the U.S. Bankruptcy Court for the Southern District ofNew York to employ the Law Offices of Allen A. Kolber, Esq. ascounsel.

The Debtor requires the Kolber firm to assist, advise and representthe Debtor with respect to:

(a) the protection and preservation of the Debtor's estate, including the prosecution of actions on the Debtor's behalf, and the preparation of objections to claims filed against the estate;

(b) the preparation on behalf of the Debtor, as Debtor-in- Possession, all necessary motions, applications, answers, orders, reports and papers in connection with the administration of the estate;

(c) the negotiation and preparation on behalf of the Debtor of its Chapter 11 Plan, Disclosure Statement, and all related documents;

(d) the representation of the Debtor in connection with any sales, leases, or other uses of property of the estate and all other legal issues in connection therewith; and

(e) the performance of all other necessary legal services in connection with the Chapter 11 case.

Kolber will be paid at these hourly rates:

Counsel $450 Paralegal $125

Kolber will also be reimbursed for reasonable out-of-pocketexpenses incurred.

Kolber received a retainer fee in the amount of $25,000 on Nov. 10,2015 from Zalman Rosenberger, an independent person not affiliatedwith the Debtor.

Allen Kolber assured the Court that the firm is a "disinterestedperson" as the term is defined in Section 101(14) of the BankruptcyCode and does not represent any interest adverse to the Debtors andtheir estates.

Congregation Birchos Yosef is a religious corporation which wasformed on Jan. 16, 1985 for the purposes of creating andmaintaining a "House of Worship" in accordance with the traditionsof the Hebrew faith and to serve and advance the affairs of thesurrounding community under the leadership of the Grand Rebbe ofNikolsburg. Its principal office is located at 201 Route 306,Monsey, New York. It has real properties located in Spring Valleyand Monsey, New York.

On May 4, 2015, the Debtor won approval to hire (i) Pick & ZabickiLLP as its counsel, (ii) Frances M. Caruso as its bookkeeper and(iii) Montalbano, Condon & Frank, P.C. as special counsel for realproperty tax-related matters. On May 18, the Court authorized theDebtor's retention of Levine & Associates, PC as special litigationcounsel. On Sept. 11, 2015, the Court approved the retention ofThe Law Offices of David Carlebach, Esq. as the Debtor'ssubstituted bankruptcy counsel. On Nov. 11, 2015, the Debtor fileda stipulation of substitution of counsel, reflecting that The LawOffices of Allen A. Kolber, Esq. will serve as the Debtor'ssubstituted bankruptcy counsel

On Aug. 24, 2015, the Court entered a memorandum of decision insupport of its order granting the Debtor's motion to enforce theautomatic stay against Bais Chinuch L'Bonois, Inc. and certainindividuals. This order is being appealed.

CORNERSTONE HOMES: Court Allows Cash Collateral Use Up To Jan. 31-----------------------------------------------------------------Judge Paul R. Warren of the U.S. Bankruptcy Court for the WesternDistrict of New York, authorized the Chapter 11 Trustee ofCornerstone Homes, Inc., to use cash collateral through Jan. 31,2016.

The cash collateral will be used to pay past due real estate taxes,maintenance and repair expenses, as well as professional fees,among others.

First Citizens, CPC and ESB will be entitled to the followingadequate protection payments with respect to any diminution in thevalue of cash collateral in which they respectively assert aninterest:

(a) $25,000 per month, payable to First Citizens; (b) $47,000 per month, payable to CPC; and, (c) $3,390 per month, payable to ESB.

About Cornerstone Homes

Cornerstone Homes Inc. is based in Corning, New York and isengagedin the business of buying, selling and leasing single family homesin the State of New York, with such properties primarily locatedinthe South Central and South Western portions of the State.

The Debtor disclosed assets of $18.6 million and liabilities of$36.2 million. Four secured lenders with $21.8 million in claimsare to be paid in full under the plan. Unsecured creditors --chiefly noteholders with $14.5 million in claims -- will have a 7percent recovery.

Judge Paul R. Warren presides over the case. Curtiss AlanJohnson,Esq., and David L. Rasmussen, Esq., at Davidson Fink, LLP, inRochester, N.Y., serve as the Debtor's counsel. The Debtor hastapped GAR Associates to appraise a selection of its properties tosupport the Debtor's liquidation analysis.

Cornerstone Homes Inc. delivered to the Bankruptcy Court a FirstAmended Plan of Reorganization and explanatory DisclosureStatementon Jan. 3, 2014. The Amended Plan supersedes the Plan Cornerstoneprepared prior to filing for bankruptcy. The Debtor intends toliquidate properties over a period of time, so as to achievemaximum recovery for the creditors while avoiding a deleteriouseffect on the housing market. The Plan provides for adistributionof $1 million as an Unsecured Distribution Amount. Owner David Fleet will pledge up to $1 million to funddistributions under the Plan. It also provides for thedistribution of the stock in the Reorganized Debtor to holders ofAllowed Unsecured Noteholder Claims under Class 5. The Class 5Claimants are expected to receive 7% plus distribution of stock onthe Distribution Date. The Claimants are impaired and entitled tovote on the Plan.

No hearing was slated to consider the Amended Plan documents.Instead, the Court accepted the request of the Committee toappointa Chapter 11 trustee to replace management. The Court approvedtheappointment of Michael H. Arnold, Esq., as Chapter 11 trustee. Heis represented by his law firm, Place and Arnold as his counsel.

Michael H. Arnold, Chapter 11 trustee, is represented by the firmof Place and Arnold. LeClairRyan and Barclay Damon LLP serve ashis special counsel.

CUI GLOBAL: Clear Harbor Holds 5.2% Equity Stake as of Dec. 31--------------------------------------------------------------In a Schedule 13G filed with the Securities and ExchangeCommission, Clear Harbor Asset Management, LLC disclosed that as ofDec. 31, 2015, it beneficially owns 1,025,907 shares of commonstock of CUI Global Inc. representing 5.25 percent of the sharesoutstanding. A copy of the regulatory filing is available for freeat http://is.gd/Ttbwzx

About CUI Global

Tualatin, Ore.-based CUI Global, Inc., formerly known as Waytronx,Inc., is a platform company dedicated to maximizing shareholdervalue through the acquisition, development and commercializationof new, innovative technologies.

CUI Global reported a consolidated net loss of $2.80 million in2014, a consolidated net loss of $943,000 in 2013 and aconsolidated net loss of $2.52 million in 2012.

As of Sept. 30, 2015, the Company had $91.20 million in totalassets, $30.10 million in total liabilities and $61.10 million intotal stockholders' equity.

All three factors of the equitable mootness analysis weigh in favorof dismissing the appellants' appeal as moot: the appellants didnot obtain a stay; the confirmed Plan has been substantiallyconsummated; and reversal of the Plan would adversely impact thirdparties and the success of the Plan, Senior Judge Bernard A.Friedman of the United States District Court for the EasternDistrict of Michigan, Southern Division, found. Accordingly, JudgeFriedman granted the Appellee's Motion to Dismiss the Appeal AsEquitably and Constitutionally Moot.

The City of Detroit, Michigan, weighed down by more than $18billion in accrued obligations, sought municipal bankruptcyprotection on July 18, 2013, by filing a voluntary Chapter 9petition (Bankr. E.D. Mich. Case No. 13-53846). Detroit estimatedmore than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergencymanager, signed the petition. Detroit is represented by lawyersat Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seekbankruptcy, in terms of population and the size of the debts andliabilities involved.

The City's $18 billion in debt includes $5.85 billion in specialrevenue obligations, $6.4 billion in post-employment benefits,$3.5 billion for underfunded pensions, $1.13 billion on securedand unsecured general obligations, and $1.43 billion on pension-related debt, according to a court filing. Debt service consumes42.5 percent of revenue. The city has 100,000 creditors and20,000 retirees.

A nine-member official committee of retired workers appointed inthe case is represented by Dentons US LLP. Lazard Freres & Co.LLC serves as the Retiree Committee's financial advisor.

Detroit filed a notice that the effective date of itsbankruptcy-exit plan occurred on Dec. 10, 2014. Judge StevenRhodes on Nov. 12, 2014, entered an order confirming the EighthAmended Plan for the Adjustment of Debts of the City of Detroit.

DISTRICT AT MCALLEN: City Bank Withdraws Bid to Appoint Trustee---------------------------------------------------------------City Bank Texas notified the U.S. Bankruptcy Court for the SouthernDistrict of Texas that it has withdrawn its motion to appoint aChapter 11 trustee for District at Mcallen, LP.

City Bank, in its motion, alleged that the Debtor has grosslymismanaged the property by, among other things, allowing tenantoccupancy to decline that the value of property has left the Debtorand its creditors exposed. The Debtor, City Bank added, has failedto collect and remit rents necessary to remain current on taxobligations.

City Bank stated that an independent chapter 11 trustee would havethe ability to manage the property, analyze the Debtor's books andrecords, make demands on the tenants for any outstanding rents due,market the property for sale, if necessary, and communicate withthe Debtor's creditors regarding a course of action the trusteedeems to be in creditors' best interests.

As of the Petition Date, City Bank was owed no less than$5,268,653, excluding accrued but unpaid interest and fees payableunder the Note, Deed of Trust and related loan documents.

The Debtor disclosed total assets of $3,390,434 and totalliabilities of $9,911,548.

DOMARK INTERNATIONAL: Tonaquint Has 9.9% Stake as of Jan. 22------------------------------------------------------------In an amended Schedule 13G filed with the Securities and ExchangeCommission on Jan. 22, 2016, Tonaquint, Inc., et al., disclosedthat they beneficially own 204,358 shares of common stock of Domark International Inc. representing 9.99 percent of the sharesoutstanding. A copy of the regulatory filing is available for freeat http://is.gd/N8fSTc

About Domark International

Based in Lake Mary, Florida, DoMark International, Inc., wasincorporated under the laws of the State of Nevada on March 30,2006. The Company was formed to engage in the acquisition andrefinishing of aged furniture using exotic materials and thenreselling it through interior decorators, high-end consignmentshops and online sales. The Company abandoned its originalbusiness of exotic furniture sales in May of 2008 and pursued theacquisition of entities to best bring value to the company and itsshareholders.

For the nine months ended Feb. 28, 2015, the Company reported a netloss of $1.86 million on $0 of sales compared to a net loss of$2.34 million on $0 of sales for the same period a year ago.

As of Nov. 30, 2015, the Company had $1.24 million in total assets,$3.66 million in total liabilities, all current, and a $2.42million total stockholders' deficit.

DOMINION RESOURCES TRUST: Auditor Expresses Going Concern Doubt---------------------------------------------------------------Deloitte & Touche LLP, in its Nov. 23, 2015 letter to the unitholders of Dominion Resources Black Warrior Trust (trust) andSouthwest Bank, N.A., in its capacity as trustee, expressedsubstantial doubt about the trust's ability to continue as a goingconcern. The firm reviewed the condensed statement of assets,liabilities and trust corpus of the trust as of September 30, 2015,and the related condensed statements of distributable income (loss)for the three-month and nine-month periods ended September 30, 2015and 2014 and changes in trust corpus for the nine-month periodsended September 30, 2015 and 2014.

Deloitte & Touche noted that "certain conditions raise substantialdoubt about the trust's ability to continue as a going concern."

Ron E. Hooper, senior vice president of Royalty Trust Management,Southwest Bank, in a November 23, 2015 regulatory filing with theU.S. Securities and Exchange Commission, related: "Contingenciesrelated to the underlying properties owned by Walter Black WarriorBasin LLC, as successor to Dominion Black Warrior Basin, Inc. (thecompany) that are unfavorably resolved would generally be reflectedby the trust as reductions to future royalty income payments to thetrust with corresponding reductions to cash distributions toUnitholders. The trustee is aware of no such items as of September30, 2015, other than as stated.

"On July 28, 2015, the trust announced that it received a letterfrom Walter Energy, Inc., the parent of the company, stating thatit, together with certain of its subsidiaries and affiliates,including the company (Debtors) filed a petition for relief underChapter 11 of the U.S. Bankruptcy Code with the United StatesBankruptcy Court for the Northern District of Alabama SouthernDivision on July 15, 2015 and that it had an agreement with lendersregarding a pre-negotiated restructuring plan. In the letter,Walter Energy, Inc. advised the trust that it is not permitted topay obligations that arose prior to July 15, 2015, includingpayments on the royalty interests. Specifically, the trustee wasinformed by Walter Energy, Inc. that it would not be paying thedistribution to the trust that would normally be paid by August 14,2015 and normally would include payments on the Royalty Interestsfor the production months of April, May and June 2015, as well asthe portion of any future quarterly distributions relating toproduction attributable to periods prior to July 15, 2015.

"On the date the bankruptcy was filed – in a series of 'first daymotions' – the Debtors filed motions relating to use of theircash collateral and cash management, which provide that Debtors'cash and certain other property constitute collateral of theDebtors' lenders subject to protective liens and permit use of a'zero balance' cash management system where receipts fromoperations, including Debtors' gas operations, could be swept intocertain concentration or disbursement accounts. The motions didnot separately segregate or provide separate treatment forproduction proceeds relating to the trust's Royalty Interests. Thetrust engaged counsel, filed motions asking the court to reconsiderand amend the Debtors' cash management order and objected to thecash collateral motion by seeking segregation of productionproceeds relating to the trust's Royalty Interests and judicialconfirmation that such proceeds are not property of the Debtor'sbankruptcy estate. On August 18, 2015, the Bankruptcy Court deniedthe trust's motion to reconsider the Debtors' cash managementorder. A hearing on the trust's objection to the Debtors' cashcollateral motion, among others, was held on September 2 and 3,2015. On September 14, 2015, the court issued its ruling on theDebtors' cash collateral motion and denied the trust's request forprotections based on the Debtors' use of the production proceeds,which included denying (i) segregation of the production proceedsand (ii) a requirement for continued distributions of productionproceeds to the trust in the ordinary course of business. After asubsequent hearing to consider additional cash collateral issues,on October 12, 2015, the trust filed a notice of appeal of theBankruptcy Court's cash collateral ruling, and the appeal iscurrently pending.

"On October 2, 2015, the company filed a motion in the BankruptcyCourt to reject the Conveyance whereby the royalty interests wereconveyed to the trust by the company pursuant to the overridingroyalty conveyance on June 28, 1994 (and certain related contracts)effective retroactively to July 15, 2015. The contracts that thecompany seeks to reject create the trust's right to receivepayments on the Royalty Interests from the company. If granted andnot reversed on subsequent appeal, the relief sought in this motionwould excuse the company from performance under the Conveyance atall times after July 15, 2015, including payments on the RoyaltyInterests. The company's motion to reject the Conveyance was heardon November 10, 2015. At that time, the Court requested writtenfindings of fact and conclusions from the company and the trusteeand took the matter under advisement. The Court has not yet ruledon the motion.

"If Walter Energy, Inc. does not pay a distribution to the trust byDecember 31, 2015 representing payments on the Royalty Interestsfor the production months of July, August and September 2015,pursuant to Section 9.02(b) of the Trust Agreement, it is expectedthat the trust will terminate as a result of the failure tomaintain a 1.2 to 1.0 ratio for two consecutive calendar quartersof (i) cash received pursuant to the Royalty Interests to (ii)administrative costs. To date, Walter Energy, Inc. has not paid adistribution to the trust representing payments on the RoyaltyInterests for the production months of July, August and September.

"In March 2012, the company notified the trustee that it isundertaking a study of the Underlying Properties on a well-by-wellbasis to determine the economic viability of continuing to produceeach individual well. The company informed the trustee that itabandoned 11 wells in 2012, 11 wells in 2013 and 8 wells in 2014 asthe company considered them uneconomic and will continue toevaluate an additional 10 to 20 wells in 2015. It is currentlyunclear what impact the bankruptcy proceeding will have on thisprocess. If the company decides to suspend production or abandonany such additional wells, such decision could adversely affect thetrust's future revenue stream, and if a significant number of wellsare abandoned, it could cause a termination of the trust.

"The trust is named as a defendant in an action, styled SouthwestRoyalties, Inc. v. Dominion Black Warrior Basin, Inc., et al.,filed in the Circuit Court of Fayette County Alabama on October 5,2007 regarding the quieting of title in certain oil and gas rightsrelated to property in Fayette and Tuscaloosa Counties in Alabama. The plaintiff alleges that defendants are knowingly producing gasin violation of the deeds in question. The plaintiff is alsoalleging conversion of gas, continuing trespass by defendants onthe plaintiff's property, and suppression of material facts bydefendants, and the plaintiff is requesting an accounting,injunctive relief and compensatory and punitive damages, plus courtcosts and attorneys' fees. The trustee does not believe thislitigation will have a material effect on the trust's financialstatements.

At September 30, 2015, the trust had total assets of $3,927,694 andtrust corpus of $3,228,542.

The distributable loss for the third quarter of 2015 was $640,050,or a loss of $0.08 per unit, compared to distributable income forthe third quarter of 2014 of $1,574,332, or $0.20 per unit. As aresult of rulings by the Bankruptcy Court related to the WalterEnergy bankruptcy proceeding, the trust does not anticipate makingany further distributions in 2015.

Dominion Resources Black Warrior Trust, based in Dallas, was formedas a Delaware business trust pursuant to a Trust Agreement ofDominion Resources Black Warrior Trust entered into effective as ofMay 31, 1994 among Dominion Black Warrior Basin, Inc., as trustor;Dominion Resources, Inc.; and NationsBank of Texas, N.A., as theinitial trustee; and BNY Mellon Trust of Delaware as trustees. Southwest Bank, a state bank chartered under the laws of the Stateof Texas now serves as the trustee.

The trust is a grantor formed to acquire and hold certainoverriding royalty interests burdening proved natural gasproperties located in the Pottsville coal formation of the BlackWarrior Basin, Tuscaloosa County, Alabama owned by Walter BlackWarrior Basin LLC, as successor to Dominion Black Warrior Basin,Inc.

The Claimants assert that they have a security interest in certainfunds that Gowan holds, or alternatively, that Gowan holds thosefunds in trust for their benefit.

In a Memorandum Decision dated January 4, 2016, which is availableat http://is.gd/spkAX2from Leagle.com, Judge Stuart M. Bernstein of the United States Bankruptcy Court for the Southern District ofNew York concluded that the Claimants are, at most, unsecuredcreditors. Any superior claims to the funds acquired by theClaimants are subject to disallowance and the claims must bereclassified as general unsecured claims.

The Court rejected the remaining arguments of Claimants for lack ofmerit.

Marc Dreier founded New York-based law firm Dreier LLP -- http://www.dreierllp.com/-- in 1996. On Dec. 8, 2008, the U.S. Securities and Exchange Commission filed a suit, alleging that Mr.Dreier made fraudulent offers and sales of securities in severalcities, selling fake promissory notes to hedge and other privateinvestment funds. The SEC asserted that Mr. Dreier alsodistributed phony financial statements and audit opinions, andrecruited accomplices in connection with that scheme. Mr. Dreier,currently in prison, was charged by the U.S. government forconspiracy, securities fraud and wire fraud (S.D.N.Y. Case No.09-cr-00085).

Wachovia Bank National Association; the Dreier LLP Chapter 11Trustee; and Steven J. Reisman as post-confirmation representativeof the bankruptcy estate of 360networks (USA) Inc. signed apetition that put Mr. Dreier into bankruptcy under Chapter 7 onJan. 26, 2009 (Bankr. S.D.N.Y. Case No. 09-10371). Mr. Dreierpleaded guilty to fraud and other charges in May 2009. The schemeto sell $700 million in fake notes unraveled in late 2008. Mr.Dreier is serving a 20-year sentence in a federal prison inMinneapolis.

The May 15, 2014, edition of The TCR said the Hon. Stuart M.Bernstein of the U.S. Bankruptcy Court for the Southern Districtof New York confirmed the second amended Chapter 11 plan ofliquidation filed by Sheila M. Gowan, the Chapter 11 trustee forDreier LLP, and the Official Committee of Unsecured Creditors.

EMPIRE RESORTS: Kien Huat Reports 71.5% Stake as of Jan. 14-----------------------------------------------------------In an amended Schedule 13D filed with the Securities and Exchange Commission, Kien Huat Realty III Limited and Lim Kok Thay disclosed that as of Jan. 14, 2016, they beneficially own8,321,540 shares of common stock of Empire Resorts, Inc.,representing 71.5 percent of the shares outstanding. A copy of theregulatory filing is available for free at http://is.gd/v4Axxl

Empire Resorts reported a net loss applicable to common shares of$24.1 million on $65.2 million of net revenues for the year endedDec. 31, 2014, compared to a net loss applicable to common sharesof $27.05 million on $70.96 million of net revenues in 2013.

As of Sept. 30, 2015, the Company had $73.4 million in totalassets, $63.4 million in total liabilities and $10 million in totalstockholders' equity.

FOREST PARK SOUTHLAKE: GAHC3 Agrees to Provide $13M in Financing----------------------------------------------------------------Forest Park Medical Center at Southlake, LLC seeks authority fromthe Bankruptcy Court to obtain post-petition financing of up to$6,500,000 on an interim basis, and up to $13,000,000 on a finalbasis, from GAHC3 Southlake Texas Hospital, LLC.

The Debtor anticipated that without continuing liquidity, the valueof its assets would rapidly diminish and would more than likelyrequire it to close down the Hospital and liquidate its assets.

"The DIP Financing is necessary to maintain the value of theDebtor's assets, including going-concern value, and the ability tocontinue its business and hospital and healthcare operations andprovide medical care to the Southlake and North Texas community,"said Stephen M. Pezanosky, Esq., at Haynes and Boone, LLP, counselfor the Debtor.

The Interim DIP Financing will bear interest at a non-default rateequal to 6% per annum. After the occurrence of an Event ofDefault, the Interim DIP Financing will bear interest at a rateequal to the Pre-Default Rate plus 4% per annum. Interest on theInterim DIP Financing will accrue and be payable monthly in arrearsin accordance with the DIP Note.

The Lender is granted a super-priority administrative claim withpriority equivalent to a claim under Section 364(c)(1) of theBankruptcy Code in an aggregate amount equal to the DIPObligations, which Super-Priority Claim will have priority over allother costs and expenses of administration of any kind.

FOREVERGREEN WORLDWIDE: Amends 2014 Form 10-K to Add Disclosure---------------------------------------------------------------Pursuant to a limited review of Forevergreen WorldwideCorporation's reports by the Securities and Exchange Commission,the SEC has requested that the Company amend its annual report forthe year ended Dec. 31, 2014, to expand its disclosures to quantifyand discuss in more detail the Company's increased revenues for the2014 year.

The Company disclosed, among other things, the following:

"We recognized product revenues of $58,267,466, royalty revenues of$5,029, and $68,927 other revenues for 2014 compared to productrevenues of $17,466,415, royalty revenues of $290,973, and $0 otherrevenues for 2013. We recognize revenue upon shipment of a salesorder.

"The Company experienced a 229% increase in revenues in 2014 over2013 resulting from a quarter over quarter increase in revenues.Our source of revenues is from the sale of various foods, othernatural products, member sign up fees, kits, and freight andhandling to deliver products to the members and customers. TheFGXpress product offering was responsible for 64.0% and 89.6% ofsales, in 2013 and 2014, respectively; while The Farmer's Marketproduct offering represented 36.0% and 10.4% in 2013 and 2014,respectively. The significant increase in revenues for 2014 isdirectly related to the increased number of members and theirbusiness related to the FGXpress products which began to bereleased for purchase at the end of 2012. The FGXpress productoffering is unique to our business as it could be delivered throughthe US Postal Service via First Class mail, giving the Company amore global sales opportunity than previous products. In 2013 wehad 36,216 active Members. In 2014 that number jumped dramaticallyto 139,077 active Members, which is a 284% increase. This increasevery closely reflects the revenue growth of 229%.

"Cost of sales consists primarily of the cost of procuring andpackaging products, and the cost of shipping product to ourinternational subsidiaries and warehouses and to our Members, pluscredit card sales processing fees. Cost of sales was approximately21.0% of revenues for 2014 compared to 26.7 % of revenues for 2013. The 2014 decrease is primarily due to decreasing our product andshipping costs. During 2014, we were able to optimize pricing withseveral key vendors. Product costs also decreased because theCompany's sales mix was more heavily weighted towards FGXPowerStrips. The product and shipping costs for this product lineis lower than our other FGI product lines."

Orem, Utah-based ForeverGreen Worldwide Corporation is a holdingcompany that operates through its wholly owned subsidiary,ForeverGreen International, LLC. The Company's product philosophyis to develop, manufacture and market the best of science andnature through innovative formulations as it produces andmanufactures a wide array of whole foods, nutritional supplements,personal care products and essential oils.

Forevergreen Worldwide reported net income of $1.02 million on$58.3 million of net total revenues for the year ended Dec. 31,2014, compared to net income of $117,000 on $17.8 million of nettotal revenues in 2013.

As of Sept. 30, 2015, the Company had $10.4 million in totalassets, $10.6 million in total liabilities and a totalstockholders' deficit of $181,000.

Fuhu, Inc., and Fuhu Holdings, Inc., filed Chapter 11 bankruptcypetitions (Bankr. D. Del. Proposed Lead Case No. 15-12465) on Dec.7, 2015. The petition was signed by James Mitchell as chiefexecutive officer. The Debtors estimated assets in the range of$10 million to $50 million and liabilities of $100 million to $500million. Pachulski Stang Ziehl & Jones LLP represents the Debtorsas counsel. Judge Christopher S. Sontchi presides over the case.

Fuhu is headquartered in El Segundo, California, and employsapproximately 115 employees and retains one independent contractorwho work in various areas including marketing, sales, operations,creative, technology, development and management.

Court document indicates that between 2010 and 2013, Fuhu'srevenue grew to more than $195 million in 2013. Fuhu's array ofnabi tablets are sold in more than 10,000 retail outlets, includingTarget, Best Buy, Costco Wholesale, Toys R'Us and Walmart stores.

Fuhu, Inc. and Fuhu Holdings, Inc. filed Chapter 11 bankruptcypetitions (Bankr. D. Del. Proposed Lead Case No. 15-12465) on Dec.7, 2015. The petition was signed by James Mitchell as chiefexecutive officer. The Debtors estimated assets in the range of$10 million to $50 million and liabilities of $100 million to $500million. Pachulski Stang Ziehl & Jones LLP represents the Debtorsas counsel. Judge Christopher S. Sontchi presides over the case.

Fuhu is headquartered in El Segundo, California, and employsapproximately 115 employees and retains one independent contractorwho work in various areas including marketing, sales, operations,creative, technology, development and management.

Court document indicates that between 2010 and 2013, Fuhu'srevenue grew to more than $195 million in 2013. Fuhu's array ofnabi tablets are sold in more than 10,000 retail outlets,includingTarget, Best Buy, Costco Wholesale, Toys R'Us and Walmart stores.

Mattel beat out a private-equity firm founded by golfer Greg Normanwith the winning bid at a court-supervised auction for the assets,the report related.

Fuhu's bankruptcy petition included a plan to sell itself to Mattelunless a higher bid came in, the report further related. Norman'sGWS Fuhu LLC threatened to scuttle that deal with a bid of $10million, $500,000 more than Mattel had said it would pay inDecember, Norman's firm is entitled to a $250,000 breakup fee,which is also subject to court approval, according to courtdocuments, the report added.

About Fuhu

Fuhu, Inc. and Fuhu Holdings, Inc. filed Chapter 11 bankruptcypetitions (Bankr. D. Del. Proposed Lead Case No. 15-12465) on Dec.7, 2015. The petition was signed by James Mitchell as chiefexecutive officer. The Debtors estimated assets in the range of$10 million to $50 million and liabilities of $100 million to $500million. Pachulski Stang Ziehl & Jones LLP represents the Debtorsas counsel. Judge Christopher S. Sontchi presides over the case.

Fuhu is headquartered in El Segundo, California, and employsapproximately 115 employees and retains one independent contractorwho work in various areas including marketing, sales, operations,creative, technology, development and management.

Court document indicates that between 2010 and 2013, Fuhu'srevenue grew to more than $195 million in 2013. Fuhu's array ofnabi tablets are sold in more than 10,000 retail outlets,includingTarget, Best Buy, Costco Wholesale, Toys R'Us and Walmart stores.

GELTECH SOLUTIONS: Presented at 2016 Annual Shareholders Meeting----------------------------------------------------------------GelTech Solutions, Inc., gave a presentation at its 2016 AnnualShareholders Meeting held on Jan. 22, 2016. The PowerPointpresentation is available for free at http://is.gd/Eenpj8

About GelTech

Jupiter, Fla.-based GelTech Solutions. Inc., is a Delawarecorporation organized in 2006. The Company markets four products:(1) FireIce(R), a water soluble fire retardant used to protectfirefighters, structures and wildlands; (2) Soil2O(R) 'DustControl', its new application which is used for dust mitigation inthe aggregate, road construction, mining, as well as, otherindustries that deal with daily dust control issues; (3)Soil2O(R), a product which reduces the use of water and isprimarily marketed to golf courses, commercial landscapers and theagriculture market; and (4) FireIce(R) Home Defense Unit, a systemfor applying FireIce(R) to structures to protect them fromwildfires.

GelTech Solutions reported a net loss of $5.51 million on $800,000of sales for the year ended June 30, 2015, compared to a net lossof $7.11 million on $815,000 of sales for the year ended June 30,2014.

As of Sept. 30, 2015, the Company had $2.09 million in totalassets, $5.79 million in total liabilities, and a $3.69 milliontotal stockholders' deficit.

GRAFTECH INT'L: Moody's Lowers CFR to B3, Outlook Negative----------------------------------------------------------Moody's Investors Service downgraded all long-term ratings forGrafTech International Ltd., including the Corporate Family Ratingto B3 from Ba3 and the $300 million Senior Unsecured Notes due 2020to Caa1 from B1. Moody's also lowered the company's SpeculativeGrade Liquidity Rating to SGL-4 from SGL-3. The rating outlookremains negative.

Rating actions:

Issuer: GrafTech International Ltd.

Probability of Default Rating, Downgraded to B3-PD from Ba3-PD; Corporate Family Rating, Downgraded to B3 from Ba3; Senior Secured Bank Credit Facility, Downgraded to B1(LGD2) from

Moody's downgraded the CFR to B3 from Ba3 and SGL to SGL-4 fromSGL-3 based on the view that business conditions in the graphiteelectrode industry have weakened materially over the past severalmonths such that GrafTech's financial performance will declinemeaningfully in 2016. The steel industry continues to strugglewith difficult market conditions with substantive weakening in bothcapacity utilization rates and pricing. The absence ofcommensurate capacity reduction in the graphite electrode industryhas exacerbated the unfavorable supply/demand balance in theindustry that likely will result in lower electrode pricing in2016. GrafTech has done a highly-credible job of rationalizingfacilities, reducing overhead costs, lowering inventories, andpaying down overall debt, but the magnitude of the expected declinein financial performance likely will exceed the benefits from theseactions at least in the near-term. While the company has severalimportant levers to help preserve cash amid these challengingmarket conditions, Moody's expects a material increase in adjustedfinancial leverage and believes that the company could breachfinancial maintenance covenants as early as the second quarter of2016.

GrafTech is a wholly-owned subsidiary of an affiliate of BrookfieldCapital Partners Ltd. Brookfield acquired the company in atransaction that involved an equity investment of nearly $1billion, including the cancellation of convertible preferred stock;reduction of GrafTech's debt by more than 25%; and including anamendment to the company's existing credit agreement that loosenedfinancial maintenance covenants, significantly improving thecompany's liquidity position. Brookfield clearly has the financialcapacity to improve GrafTech's credit profile and for this reasonthe company's credit ratings could be subject to unusual volatilitycompared to rated peers.

The B3 CFR is constrained primarily by the challenges of trying tonavigate an extended cyclical trough in the graphite electrodeindustry with a leveraged balance sheet. GrafTech is highlyreliant on graphite electrodes for the majority of its earnings andcash flow. Credit metrics are weak for the rating category,including adjusted financial leverage near 8 times (Debt/EBITDA)and near 5 times (Debt/EBITDA; normalized for current oil prices)for the twelve months ended Sept. 30, 2015. The rating benefitsfrom the company's leading market positions within the graphiteelectrode industry, solid mid-cycle profit margins supported bythree low-cost facilities, back-integration into needle coke, andgeographic and operational diversity.

The SGL-4 Speculative Grade Liquidity Rating reflects weakliquidity to support operations based on our expectation thatGrafTech likely will require a covenant-related waivers oramendments in 2016. The company has a $375 million revolvingcredit facility and with $70 million of drawings at September 30,2015. The credit agreement contains two financial maintenancecovenants: a senior secured leverage ratio test set at 5.75x (withstep-downs) and an interest coverage ratio test set at 1.50x (withstep-downs). GrafTech reported 1.19x and 4.43x, respectively, onthese ratio tests for the twelve months ended Sept. 30, 2015.

The negative rating outlook reflects meaningful uncertainty in thegraphite electrode industry with no evident catalyst forimprovement in the near-term. Moody's could downgrade the ratingif GrafTech does not make the adjustments necessary to put thecompany on a deleveraging trajectory and restore adequate near-termliquidity. Moody's could upgrade the rating with expectations foradjusted financial leverage sustained below 6 times and adequatenear-term liquidity -- including no expectation of covenantbreaches in the near-term.

The principal methodology used in these ratings was Global ChemicalIndustry Rating Methodology published in December 2013.

GrafTech International Ltd. manufactures graphite electrodes,refractory products, needle coke products, advanced graphitematerials, and natural graphite products. The company has about195k metric tons of electrode capacity. GrafTech is a wholly-ownedsubsidiary of an affiliate of Brookfield Capital Partners Ltd. Brookfield acquired GrafTech in a transaction that closed on Aug.17, 2015. Headquartered in Independence, Ohio, GrafTech generatedapproximately $1.1 billion of revenue in 2014.

According to the report, described in a filing on Jan. 22 with theSecurities and Exchange Commission, the settlement is worth up to$14 million for Haggen's unsecured creditors, including $5.8million in cash contributed by Albertsons.

About Haggen Holdings

Headquartered in Bellingham, Washington, Haggen was founded in1933as a single grocery store. From 1933 to 2014, Haggen grew into a30 store family-run grocery chain, with stores located in thenorthwestern United States. From 2011 to 2014, Haggen reduced itsstore base to 18, including a stand-alone pharmacy location.

In September 2015, T. Patrick Tinker, assistant U.S. trustee forRegion 3, appointed seven creditors to the official committee ofunsecured creditors.

HEADWATERS INCORPORATED: Moody's Raises CFR to B1, Outlook Stable-----------------------------------------------------------------Moody's Investors Service upgraded Headwaters Incorporated'sCorporate Family Rating to B1 from B2 and its Probability ofDefault Rating to B1-PD from B2-PD based on our expectations thatthe company's operating performance will continue to benefit fromdomestic construction, the main driver of Headwaters' revenues,yielding debt credit metrics more supportive of the higher rating.In related rating actions, Moody's upgraded Headwaters' seniorsecured term loan due 2022 to Ba3 from B1 and its senior unsecurednotes due 2019 to B3 from Caa1. The Speculative Grade LiquidityRating of SGL-2 is affirmed. The rating outlook is stable.

The upgrade of Headwaters' Corporate Family Rating to B1 from B2reflects our expectations that operating profits and cash flowgeneration will continue to grow due to higher volumes and betterpricing across its businesses, resulting in debt credit metricssupportive of the higher rating. Over the next 12-18 months,Moody's projects Headwaters' EBITA margins nearing 14.75% from14.2% for FY15 ended Sept. 30, 2015. This operational improvementwill translate into better credit metrics. Moody's expectsinterest coverage (measured as EBITA-to-interest expense)approaching 3.75x compared to 2.7x for FY15 and debt leveragenearing 3.25x by in the next 12-18 months from 3.6x at FY15 (allratios incorporate Moody's standard adjustments). Moody's alsoforecast Headwaters generating positive free cash flow throughoutthe year.

Headwaters' Building Products business, from which Headwatersderives about 58% of total revenues, will benefit from sustainedgrowth in new housing construction as well as repair and remodelingend markets. Moody's estimates new housing starts will be in the1.2 million range for 2016, at least a 9% increase from the 2015total of about 1.1 million new units. Repair and remodelingactivity continues to expand, as evidenced by the NationalAssociation of Home Builders Remodeling Market Index. The overallindex reading of 57.6 for 4Q15 remains well above 50, indicatingend market growth. Headwaters' Construction Materials division,which represents about 40% of total revenues, will continue to be asignificant earnings contributor due to higher levels of spendingin both the domestic infrastructure and the commercial andindustrial end markets. The Portland Cement Association projectsUnited States' cement market growing to about 92.2 million tons in2015, a 3.5% growth over the previous year, followed by strongergrowth rates of 5.0% 2016 and 5.7% 2017.

Positive rating actions could ensue if Headwaters continues tobenefit from the strength in its end markets, resulting inperformance and more robust credit metrics that exceeds Moody'sforecasts, resulting in a better liquidity profile or the followingcredit metrics supported by permanent debt reduction (ratiosinclude Moody's standard adjustments):

Headwaters Inc., headquartered in South Jordan, Utah, is a domesticbuilding products company. It has mainly two lines of businesses:Building Products and Construction Materials. The BuildingProducts business manufactures and sells manufactured architecturalstone, siding accessory products, roof products and concrete block. The Construction Materials operations market coal combustionproducts, including fly ash that is primarily used as a partialreplacement for cement in concrete. Revenues for the last 12months through Sept. 30, 2015, totaled approximately $895 million.

The principal methodology used in these ratings was GlobalManufacturing Companies published in July 2014.

HEALTH DIAGNOSTIC: Assets Sold to True Health, Oncimmune & Sydney-----------------------------------------------------------------Health Diagnostic Laboratory, Inc., et al., received approval fromthe U.S. Bankruptcy Court for the Eastern District of Virginiabetween September and December 2015 to sell certain key assets.

Sale to True Health

On June 29, 2015, the Debtors filed a motion seeking approval ofbidding procedures for selling substantially all of the Debtors'assets. On July 15, 2015, the Court entered an order approving theBidding Procedures.

On Sept. 4, 2015, the Debtors announced that they have selected True Health Diagnostics, LLC, as the stalking horse bidder for thepurchase of the assets with an aggregate purchase price valued at$32,000,000.

On Sept. 10, 2015, the Debtors conducted an auction for the HDLSale and selected True Health as the successful bidder for suchassets.

On Sept. 17, 2015, the Court entered an order approving the termsof the HDL Sale, including the terms of the Asset PurchaseAgreement with True Health (the "HDL Purchase Agreement"). The HDLSale closed on Sept. 29, 2015. The consideration for the HDL Saleconsisted of, among other things, $27,100,000 less the Good FaithDeposit and any Closing AR Adjustment (each, as defined in the HDLPurchase Agreement), the assumption of certain assumed liabilities,and the execution of a promissory note (the "True Health Note"),which obligated True Health in the initial principal amount of$10,000,000 plus Contingent Principal.

Under the True Health Note, Contingent Principal is 85% of allcollections on accounts receivable sold by HDL to True Health inexcess of the $10,000,000 initial principal amount. The True HealthNote is secured by certain accounts receivable (the "AccountsReceivable") outstanding as of the closing of the HDL Sale. As ofDec. 31, 2015, True Health had paid the initial principal amount of$10,000,000. True Health continues to pay the Contingent Principalamounts under the True Health Note.

In connection with the HDL Sale, HDL's lease agreement with Biotech8 was assumed and assigned, as amended, to True Health.Following the closing of the HDL Sale, as authorized by the HDLSale Order, the Debtors repaid in full their obligations under theDIP Financing, their obligations to BB&T under the BB&T LoanFacilities, and their obligations to BB&T Equipment Finance underthe BB&T Equipment Finance Loan Facility. On Nov. 19, 2015, theCourt entered the Order Granting Relief from the Automatic Stay andAllowing Unsecured Claim of Bank of the West, which addresses thetreatment of the Collateral of Bank of the West. On Dec. 11, 2015,the Court entered the Order Granting Relief from the Automatic Stayand Providing Adequate Protection for PNC Equipment Finance LLC,which addresses the treatment of the Collateral of PNC.

CML Sale to Oncimmune

On July 16, 2015, the Debtors filed a motion seeking approval ofbid procedures for the sale of all or substantially all of theassets of Central Medical Laboratories, LLC. On Aug. 3, 2015, theCourt entered an order approving the bidding procedures for the CMLSale (the "CML Bidding Procedures").

As announced Sept. 10, 2015, the Debtors, in consultation with theOfficial Committee of Unsecured Creditors, selected OncimmuneLimited as the successful bidder for substantially all of theassets of CML.

The Debtors later selected Oncimmune as the successful bidder forthe CML Sale. On Sept. 17, 2015, the Court entered an orderapproving the terms of the CML Sale. The purchase price for theCML Sale consisted of a waiver of the administrative claim ofOncimmune Limited, an affiliate of Oncimmune, in the amount of atleast $746,875, plus $22,625 in cash, and the assumption of certainassumed liabilities. The CML Sale closed effective as of Sept. 22,2015. A copy of the CML Sale Order is available for free at:

On July 15, 2015, the Court approved procedures for solicitingoffers for the purchase of debtor Health Diagnostic Laboratory,Inc.'s membership interests in HDL USA Holdings, LLC. Simultaneously, non-debtor HDL USA Holdings, LLC was solicitingoffers for the purchase of its membership interests in GlobalGenomics Group, LLC ("Equity in G3") or Grenova Holdings, LLC("Equity in Grenova Holdings"), and non-debtor Grenova Holdings,LLC was soliciting offers for the purchase of its membershipinterests in Grenova, LLC.

HDL USA Holdings LLC ("Seller") owned 49.5% of the issued andoutstanding membership interests of Global Genomics Group, LLC("Company"). Health Diagnostic Laboratory Inc. ("Parent"), whichis subject to the Chapter 11 proceeding, owns all and issued andoutstanding membership interests of HDL USA. The Company made arevolving Promissory Note dated as of July 1, 2014, in the maximumamount of $6 million, with a balance scheduled by Parent in theamount of $2,183,074.

HDL USA has filed a proof of claim ("POC") in the bankruptcy caseof Parent reflecting an unsecured claim in the amount of$17,674,607, calculated as the unpaid balance due of the BloodTesting Obligation in the amount of $19,857,681, reduced by theNote Balance.

On Dec. 11, 2015, the Court entered an order approving the sale ofthe Interest and Note to Sydney Investment Group LLC. Pursuant tothe Asset Purchase Agreement, the aggregate purchase price to bepaid to Sydney in respect to the Interest and Note will be$500,000, composed of the deposit plus an additional $400,000closing payment plus the withdrawal of the POC. A copy of theCourt's order approving the sale to Sydney is available for freeat:

To assist them with their restructuring efforts and to helpmaximize the value of their estates, the Debtors filed with theCourt an application seeking entry of an order authorizing theDebtors to retain Alvarez & Marsal Healthcare Industry Group, LLC("A&M") to provide the Debtors with a Chief Restructuring Officerand certain additional personnel. Richard Arrowsmith is presentlythe CRO.

The Office of the U.S. Trustee appointed seven creditors to theofficial committee of unsecured creditors. The official committeeretained Cooley LLP as its counsel and Protiviti Inc. as itsfinancial advisor.

* * *

On Oct. 29, 2015, the Court entered an order extending until Jan.4, 2016, the period during which the Debtors have the exclusiveright to propose a Chapter 11 plan, and until March 3, 2016, theexclusive period to solicit acceptances of that plan.

On Nov. 5, 2015, the Court entered an order setting Dec. 22, 2015,as the Bar Date for the filing of all proofs of claim.

On Jan. 4, 2016, the Debtors filed a proposed Plan of Liquidationand Disclosure Statement. A hearing on the Disclosure Statement isscheduled for Feb. 11, 2016.

HEALTH DIAGNOSTIC: Files Proposed Plan of Liquidation-----------------------------------------------------Health Diagnostic Laboratory, Inc., et al., which has sold most ofits assets, filed a proposed Plan of Liquidation that offers toreturn 100 cents on the dollar to secured creditors and letunsecured creditors split from recoveries of any litigationclaims.

The classification, treatment, voting rights, and estimatedrecoveries, estimated as of Jan. 6, of the claims and interests, byclass, under the Plan are:

The Debtor said that the estimated recovery for holders of generalunsecured claims is still to be determined. The Debtor also saidthat its liquidation analysis will be filed separately.

The Plan contemplates the establishment of a Liquidating Trust, andthe appointment of a Liquidating Trustee, who will be responsiblefor liquidating any assets that have not been liquidated prior tothe Effective Date, pursuant to the Plan and a Liquidating TrustAgreement.

Each Holder of an allowed claim in Class 3 will be satisfied byreceipt of its ratable share of Series A Liquidating TrustInterests, which will entitle such Holder to its ratable share ofliquidating trust distributions until the principal amount of suchholder's Allowed Class 3 Claim is satisfied in full, and, after theprincipal amount of Allowed Class 4 Claims are satisfied in full,postpetition interest at the Federal Judgment Rate.

Upon the occurrence of the Effective Date, (a) the members of theboard of directors or managers, as the case may be, of each of theDebtors will be deemed to have resigned; and (b) each of theDebtors will cause all of its Assets and those of the Estates to betransferred to the Liquidating Trust in accordance with the Plan.

Subject to the limitations set forth in the Liquidating TrustAgreement, on and after the Effective Date, the Liquidating Trusteeshall have sole authority and responsibility for investigating,analyzing, commencing, prosecuting, litigating, compromising,collecting, and otherwise administering all Litigation Claims.

On June 30, 2015, the Debtors filed a motion seeking authority toconduct a Fed. R. Bankr. P. 2004 examination of UnitedHealthcareInsurance Company to determine whether the Debtors may have anyclaims against United for United's failure to pay millions ofdollars of claims submitted by the Debtors under that certainFacility Participation Agreement dated June 1, 2014, by and betweenthe Debtors and United. On July 16, 2015, the Court entered anorder authorizing the Debtors to conduct a Rule 2004 examination ofUnited.

The Debtors subsequently filed a motion seeking authority toconduct a Rule 2004 examination of Humana, Inc. to determinewhether the Debtors may have any similar claims against Humana. OnSept. 17, 2015, the Court entered an order authorizing the Debtorsto conduct a Rule 2004 examination of Humana.

The Debtors continue to investigate these potential claims.

On Sept. 30, 2015, the Creditors' Committee filed a motion seekingauthority to conduct a Rule 2004 examination of numerous Persons,including the Debtors. On Oct. 27, 2015, the Court entered anorder authorizing the Creditors' Committee to conduct a Rule 2004examination of numerous Persons, including the Debtors.

The Committee 2004 Motion identifies potential Causes of Actionagainst numerous Persons, including Causes of Action based uponfraudulent conveyance, preference, unlawful distribution and breachof fiduciary duty under the Bankruptcy Code and Virginia law, asapplicable. The Committee 2004 Motion identifies as targets ofthis investigation, among others, certain of the Debtors'shareholders, D&Os, and BlueWave and certain of its shareholders,officers and directors, and related entities.

In an October 2015 limited objection to the Debtor's motion toextend its exclusive period to propose a plan, the Committee askedthe Court that it be granted with the Debtor the co-exclusive rightto file a plan of liquidation. The Committee said it contemplatesa straightforward plan of liquidation, with no third partyreleases, and with any and all potential claims and causes ofaction of the estates being assigned to a liquidating trust for thebenefit of all creditors.

To assist them with their restructuring efforts and to helpmaximize the value of their estates, the Debtors filed with theCourt an application seeking entry of an order authorizing theDebtors to retain Alvarez & Marsal Healthcare Industry Group, LLC("A&M") to provide the Debtors with a Chief Restructuring Officerand certain additional personnel. Richard Arrowsmith is presentlythe CRO.

The Office of the U.S. Trustee appointed seven creditors to theofficial committee of unsecured creditors. The official committeeretained Cooley LLP as its counsel and Protiviti Inc. as itsfinancial advisor.

* * *

On Oct. 29, 2015, the Court entered an order extending until Jan.4, 2016, the period during which the Debtors have the exclusiveright to propose a Chapter 11 plan, and until March 3, 2016, theexclusive period to solicit acceptances of that plan.

On Nov. 5, 2015, the Court entered an order setting Dec. 22, 2015,as the Bar Date for the filing of all proofs of claim.

On Jan. 4, 2016, the Debtors filed a proposed Plan of Liquidationand Disclosure Statement. A hearing on the Disclosure Statement isscheduled for Feb. 11, 2016.

Objections to the adequacy of the information in the DisclosureStatement are due Feb. 1, 2016, at 4:00 p.m., prevailing EasternTime.

Aside from seeking approval of the Disclosure Statement, theDebtors are seeking an order:

-- establishing the date of the hearing on the approval of theDisclosure Statement, Feb. 11, 2016, as the record date for thepurposes of determining creditors entitled to receive aSolicitation Package and who may be entitled to vote on the Plan(the "Record Date");

-- Fixing seven days prior to the Confirmation Hearing, March22, 2016, as the deadline (1) by which creditors must vote toaccept or reject the Plan (the "Voting Deadline"); and (2) by whichparties must file objections to the Plan (the "ConfirmationObjection Deadline"); and

The Debtors also ask the Court to approve the form and manner ofthe solicitation packages, the form and manner of notice of theconfirmation hearing, procedures for distributing solicitationpackages, and the forms of ballots.

To assist them with their restructuring efforts and to helpmaximize the value of their estates, the Debtors filed with theCourt an application seeking entry of an order authorizing theDebtors to retain Alvarez & Marsal Healthcare Industry Group, LLC("A&M") to provide the Debtors with a Chief Restructuring Officerand certain additional personnel. Richard Arrowsmith is presentlythe CRO.

The Office of the U.S. Trustee appointed seven creditors to theofficial committee of unsecured creditors. The official committeeretained Cooley LLP as its counsel and Protiviti Inc. as itsfinancial advisor.

* * *

On Oct. 29, 2015, the Court entered an order extending until Jan.4, 2016, the period during which the Debtors have the exclusiveright to propose a Chapter 11 plan, and until March 3, 2016, theexclusive period to solicit acceptances of that plan.

On Nov. 5, 2015, the Court entered an order setting Dec. 22, 2015,as the Bar Date for the filing of all proofs of claim.

On Jan. 4, 2016, the Debtors filed a proposed Plan of Liquidationand Disclosure Statement. A hearing on the Disclosure Statement isscheduled for Feb. 11, 2016.

(a) advise the Debtor of its rights, powers and duties as a debtor and debtor-in-possession continuing to operate and manage its business and property under Chapter 11 of the Code;

(b) take all actions necessary to protect and preserve Debtor's bankruptcy estate, including the prosecution of actions on the Debtor's behalf, the defense of any action commenced against the Debtor, negotiations concerning all litigation in which Debtor is involved, objections to claims filed against Debtor in this bankruptcy case, and the compromise or settlement of claims;

(c) advise the Debtor concerning, and prepare on behalf of the Debtor, all necessary applications, motions, memoranda, responses, complaints, answers, orders, notices, reports and other papers, and review all financial and other reports required from Debtor as debtor-in-possession in connection with administration of this Chapter 11 case;

(d) advise the Debtor with respect to, and assist in the negotiation and documentation of, financing agreements, debt and cash collateral orders, and related transactions;

(e) review the nature and validity of any liens asserted against the Debtor's property and advise the Debtor concerning the enforceability of those liens;

(f) prepare, conduct and assist with the sale of the Debtor;

(g) advise the Debtor regarding (i) its ability to initiate actions to collect and recover property for the benefit of its estate; (ii) any potential property dispositions; and (iii) executory contract and unexpired lease assumptions, assignments and rejections, and lease restructuring and recharacterizations;

(h) if appropriate, negotiate with creditors concerning a Chapter 11 plan; prepare the plan, disclosure statement and related documents; take the steps necessary to confirm and implement the plan, including, if necessary, negotiations for financing the plan; and

(i) provide such other legal advice or services as may be required in connection with this Chapter 11 case.

The Debtor has agreed to compensate Tonkon Torp on an hourly basisin accordance with Tonkon Torp's ordinary and customary hourlyrates in effect on the date services are rendered. The Tonkon Torpprofessionals who will be primarily responsible for providing theseservices, their status and their billing rates are asfollows:

In the 12 months preceding the Petition Date, Tonkon Torp receivedpayments totaling $129,214 for prepetition fees, costs andexpenses, which includes the bankruptcy filing fee of $1,717.

To the best of the Debtor's knowledge, the partners and associatesof Tonkon Torp do not have any connections with it, its creditors,any other party-in-interest, or their respective attorneys oraccountants, except as stated in the Rule 2014 Verified Statementof Proposed Professional.

Rule 2014 Verified Statement

Tonkon Torp researched its conflicts database to determine whetherit had any connections with the Debtor, the Debtor's officers anddirectors, and the Debtor's creditors or other parties-in-interest.

Tonkon disclosed that it currently represents the followingcreditors of the Debtor in matters unrelated to this case: FedEx,Rose City Moving & Storage, Graphic Arts Center, and PGE. In theevent a dispute arises with these creditors Tonkon will notrepresent either side.

Tonkon represents the following other clients in matters adverse tothe following creditors of the Debtor in matters completelyunrelated to this case: IndCor Properities, SSOE Group, IPFS, IRS,Graphic Arts Center, Washington County Taxation and Assessment.

Tonkon has banking relationships with Wells Fargo, Bank of America,Union Bank, and Bank of the Cascades. Tonkon may have vendors,suppliers, or other service providers who have connections with theDebtor, the Debtor's officers and directors, and Debtor's creditorsor other parties in interest. Tonkon has conducted noinvestigation of its vendors, suppliers, or other service providersin preparing this statement.

Certain Tonkon attorneys or staff, or the Tonkon retirement plan,may own equity or debt securities -- directly or through mutualfunds, trusts and portfolios -- issued by creditors or otherparties-in-interest in this Chapter 11 case. In addition, clientsof Tonkon may own equity or debt securities -- directly or throughmutual funds, trusts and portfolios -- issued by creditors or otherparties in interest.

Attorneys and staff at Tonkon or their spouses or relatives may becurrent or former employees or officers and directors of creditorsor other parties-in-interest and may have beneficial ownership ofsecurities issued by, or banking, insurance, brokerage or moneymanagement relationships with, creditors or other parties-in-interest in this Chapter 11 case.

HemCon began operations in 2001 and today brings advanced woundcare technologies to the worldwide healthcare market.

The Debtor previously filed a Chapter 11 bankruptcy on April 10,2012, in the District of Oregon (Case No. 12-32652-elp11). TheDebtor's Fifth Amended Plan of Reorganization was confirmed on May6, 2013, and the Final Decree was entered and the case was closedon Nov. 20, 2013.

HEMCON MEDICAL: Obtains $800,000 DIP Commitment From Tricol-----------------------------------------------------------HemCon Medical Technologies, Inc., seeks permission from theBankruptcy Court to obtain post-petition financing from TricolInternational Group Limited in an amount up to $800,000.

Proceeds of the DIP Facility will be used to fund the workingcapital requirements and other general corporate needs of theDebtor during the pendency of this case and to pay certain fees andother costs and expenses consistent with the Budget and otheradministrative expenses as approved by the Court.

The outstanding principal balance under the DIP Facility will bearinterest at the rate of 12% per annum.

The DIP Facility will mature, and all obligations of the Debtorunder the DIP Facility will be due and payable in full in cash onthe earliest of (i) the closing of a sale of all or substantiallyall of the Debtor's assets; or (ii) conversion or dismissal of thisChapter 11 case.

"Approval of the DIP Facility will provide Debtor with immediateand ongoing access to borrowing availability to pay its current andongoing operating expenses, including post-petition wages andsalaries, and utility and vendor costs. Unless these expenses arepaid, Debtor will be forced to cease operations and immediatelyliquidate," said Albert N. Kennedy, Esq., at Tonkon Torp, LLP,counsel for the Debtor.

The Debtor proposes to grant to the Lender security interests inand liens upon all of the Collateral, subject, however, to any andall valid and perfected liens and security interests in existenceon the Petition Date, to secure the repayment in full of the DIPFacility, including Lender's Continuing Security Interest until theDIP Facility is paid.

HemCon Medical Technologies, Inc.

HemCon Medical Technologies, Inc. filed Chapter 11 bankruptcypetition (Bankr. D. Ore. Case No. 16-30119) on Jan. 15, 2016. Thepetition was signed by Michael Wax as president and CEO. The Debtorestimated both assets and liabilities in the range of $10 millionto $50 million. Tonkon Torp LLP represents the Debtor as counsel.

HemCon began operations in 2001 and today brings advanced woundcare technologies to the worldwide healthcare market.

The Debtor previously filed a Chapter 11 bankruptcy on April 10,2012, in the District of Oregon (Case No. 12-32652-elp11). TheDebtor's Fifth Amended Plan of Reorganization was confirmed on May6, 2013, and the Final Decree was entered and the case was closedon Nov. 20, 2013.

This is the first meeting of creditors required under Section341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend. Thismeeting of creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company's financial affairs andoperations that would be of interest to the general body ofcreditors.

HemCon began operations in 2001 and today brings advanced woundcare technologies to the worldwide healthcare market.

The Debtor previously filed a Chapter 11 bankruptcy on April 10,2012, in the District of Oregon (Case No. 12-32652-elp11). TheDebtor's Fifth Amended Plan of Reorganization was confirmed on May6, 2013, and the Final Decree was entered and the case was closedon Nov. 20, 2013.

Proofs of Claims due are by May 23, 2016.

HEMCON MEDICAL: Signs $4 Million Purchase Agreement with Tricol---------------------------------------------------------------HemCon Medical Technologies, Inc., asks the Bankruptcy Court toapprove proposed bid procedures in connection with the sale ofsubstantially all of its assets.

The Debtor entered into the Asset Purchase Agreement with TricolInternational Group Limited as the stalking horse bidder. The saleproposed under the Stalking Horse APA is subject to the receipt ofhigher and better offers received through a court-approved auctionor sale process. If the auction yields a higher and better offer,the Debtor will seek authority to effect a sale with the winningbidder.

The decision to sell the assets has been approved by Debtor's boardof directors as necessary given Debtor's lack of sufficient capitalto continue operations. The assets are fully encumbered by Tricolto secure post-petition financing extended by Tricol to Debtor.

Pursuant to the terms of the Asset Purchase Agreement, theaggregate consideration for Debtor's assets will include:

(a) $1,600,000 in cash;

(b) assumption of obligations owing to the Debtor's trade creditors totaling approximately $622,550;

(c) assumption and payment of all administrative expenses, including the total obligation owed under the DIP Facility and compensation and expenses allowed to Debtor's professionals;

(d) the amount (up to $150,000) required to maintain directors'

and officers' tail insurance for three years following closing of the sale; and

(e) the total obligation owed under the Pre-Petition Loan (as defined in the Asset Purchase Agreement) of $200,000.

The total consideration paid or payable by Tricol under the AssetPurchase Agreement will approach $4 million.

The Debtor establishes the following dates and deadlines relatingto competitive bidding and approval of the sale:

Bid Deadline: March 18, 2016, at 5:00 p.m. prevailing Pacific time,as the deadline by which all binding bids must be actually receivedby Debtor's counsel pursuant to the Bid Procedures.

Objection Deadline: March 18, 2016, at 5:00 p.m. prevailing Pacifictime as the deadline to object to the sale transactions and/or theassumption and assignment of Assumed Agreements or cure costsrelated thereto.

Auction: March 28, 2016, at 10:00 a.m. prevailing Pacific time, asthe date and time the auction, if one is needed, will be held atthe offices of Tonkon Torp LLP, 888 S.W. Fifth Avenue, Suite 1600,Portland, Oregon, 97204.

Sale Hearing: March 30, 2016, at 9:30 a.m. or such other time as isannounced at the conclusion of the Auction, which will be heldbefore the Honorable Peter C. McKittrick, United States BankruptcyJudge for the United States Bankruptcy Court for the District ofOregon, Courtroom No. 1 1001 S.W. Fifth Avenue, Portland, Oregon.

Auction and Bid Procedures

The Debtor's proposed Bid Procedures are intended to permit a fairand efficient competitive sale consistent with the time line ofthis Chapter 11 case and promptly identify any alternative bid thatis higher or otherwise better than the bid set forth in theStalking Horse APA. The Bid Procedures establish, among otherthings:

* The deadlines and requirements for becoming a Potential Bidder, submitting competing bids and the method and criteria by which such competing bids are to become entitled to be Qualified Bids sufficient to trigger an Auction, including the minimum consideration that must be provided and the terms and conditions that must be satisfied by any Bidder (other than Tricol) to be entitled to be a Potential Bidder and a Qualified Bidder;

* The manner in which Qualified Bids will be evaluated by the Debtor to determine the starting bid for the Auction;

* The procedures for conducting the Auction, if any;

* The criteria by which the "Successful Purchaser" will be selected by the Debtor, in consultation with its advisors; and

* Various other matters relating to the sale process generally, including the Sale Hearing, designation of a Back-Up Bidder, payment of the bid protections, return of any Sale Deposits and certain reservations of rights.

Debtor also requests approval of a breakup fee of $200,000. Thebreakup fee would be payable to Tricol in the event another bidderprevails at the Auction and an alternate sale ultimately isapproved.

HemCon began operations in 2001 and today brings advanced woundcare technologies to the worldwide healthcare market.

The Debtor previously filed a Chapter 11 bankruptcy on April 10,2012, in the District of Oregon (Case No. 12-32652-elp11). TheDebtor's Fifth Amended Plan of Reorganization was confirmed on May6, 2013, and the Final Decree was entered and the case was closedon Nov. 20, 2013.

The Debtor and Sussex are parties to certain loan and securityagreements pursuant to which Sussex asserts it holds perfectedsecurity interests and liens in the Debtor's cash, existing andfuture accounts receivable, inventory, purchase orders, and allintellectual property and patents owned or licensed for use by theDebtor and all proceeds thereof. However, the Debtor believesSussex has not perfected a security interest in any cash.

On the Petition Date, the Debtor's obligations to Sussex totaledapproximately $5,000,000, including principal, interest, fees, andcosts, to which Sussex is entitled under the Loan Documents andapplicable law.

According to the Debtor, Sussex is undersecured in that the valueof the accounts, inventory, purchase orders, and intellectualproperty in which it has an interest are dependent on its continuedoperation. If the Debtor does not continue operations, it isextremely unlikely that accounts will be paid or inventory will besold. The intellectual property will have little or no value.

To provide adequate protection, Sussex is granted a replacementsecurity interest in and lien upon all of the Debtor's assets ofthe same category, type, kind, character and description as weresubject to the perfected and valid security interests in existenceon the Petition Date and will have the same relative priority asany valid and unavoidable lien held by Sussex as of the PetitionDate. The liens and security interest to be granted to Sussex willbe granted for adequate protection purposes only, and will notenhance or improve the position of Sussex.

HemCon began operations in 2001 and today brings advanced woundcare technologies to the worldwide healthcare market.

The Debtor previously filed a Chapter 11 bankruptcy on April 10,2012, in the District of Oregon (Case No. 12-32652-elp11). TheDebtor's Fifth Amended Plan of Reorganization was confirmed on May6, 2013, and the Final Decree was entered and the case was closedon Nov. 20, 2013.

HII TECHNOLOGIES: Creditors Committee Opposes Roll-Up Removal-------------------------------------------------------------The Official Committee of Unsecured Creditors of HII Technologies,Inc. ("Official Committee") objected to the Motion filed by the AdHoc Committee of Creditors of debtor Apache Energy Services, Inc.("Ad Hoc Committee"), asking the U.S. Bankruptcy Court for theSouthern District of Texas, Victoria Division, to amend findings offact and conclusions of law in connection with the Court's FinalOrder authorizing postpetition financing.

The Official Committee relates that the Motion asks the Court toexcise a material provision in the Court's Final Order thatrolls-up $12 million in pre-petition loans into post-petition debt("Roll-Up"). The Official Committee further relates that removingthe Roll-Up from the order is not a simple amendment of the Court'scarefully-considered Order and that doing so would constitute aunilateral judicial re-write of the DIP facility. The OfficialCommittee asserts that the Court has already approved the Roll-Up,and the issue should not be revisited, as doing so would havedisastrous consequences, according to the Official Committee.

On Sept. 29, 2015, HII Technologies appointed Power Reserve Corp.,Bold Production Services LLC, and Black Gold Energy LLC to serve onits official committee of unsecured creditors. On Oct. 7, BlackGold was replaced by Worldwide Power Products LLC.

Citing Assistant U.S. Trustee Curtis Ching, Variety relates thatthe Company's case has to be dismissed for these reasons: (i) theCompany lacks appropriate insurance and its ongoing uninsuredbusiness operations pose a risk to the estate and to the public;(ii) the Company appears to be incurring substantial losses andlacks a reasonable likelihood for rehabilitation; and (iii) theCompany has not complied with the U.S. Trustee's standard requestfor background documents.

As confirmed by the Company's insurance broker, Traders Insurance,the Company lacks appropriate insurance and has admitted to theU.S. Trustee that it has no general liability insurance, noproperty insurance and no typhoon insurance, the report states,citing Mr. Ching. According to the report, Mr. Ching said that theCompany has not provided documents to verify its claim that it has vehicle insurance for its 12 vehicles.

Mr. Ching, Variety states, said that the Company values itselfaround $55 million but its secured debts exceed $194 million whileits unsecured debts total over $78 million. The Company failed toprovide the documents requested by the U.S. Trustee and lacks theability to reorganize because it has, among other things, beenapparently operating without permission to use cash collateral anddoes not appear to have the ability to make adequate protectionpayments.

The Company had virtually no income at the time of the filingexcept for the prepaid tours, Variety.com reports, citing Mr.Ching.

HS 45 JOHN: Chapter 11 Plan, $73MM Sale Approved by Judge---------------------------------------------------------HS 45 John LLC has won approval from the U.S. Bankruptcy Court forthe Southern District of New York of its Chapter 11 plan predicatedon the sale of the property at 45 John Street, New York, NY (Block78, Lots 1701-1787), for $73 million.

The Judge also approved the sale of the Property 45 John NY LLCpursuant to the Sale Agreement.

Objections to the Plan filed by the 41% Investors and Chun PeterDong, holders of the Class 3 Claims under the Debtor's proposedPlan relating to the consequences of a potential default by ChaimMiller and Sam Sprei with respect to their obligations under theSettlement Agreement. The objections were addressed and resolvedby the Second Supplement and at the Confirmation Hearing.

The Debtor disclosed in its Second Supplement that the stalkinghorse purchaser, 45 John NY LLC, has been designated the highbidder and successful purchaser for purposes of confirmation of thePlan. Accordingly, the Debtor intends to close the stalking horsecontract and sell the Property to 45 John NY LLC for $73 million,subject to the exemption for payment of real estate transfer taxesand mortgage recording taxes under 11 U.S.C Sec. 1146(a). Section5.3 of the Plan is also clarified to provide an exemption forpayment of mortgage transfer taxes by 45 John NY LLC, as thesuccessful purchaser, to the extent any additional mortgagerecording taxes are used in connection with the sale transaction,after the assignment of the underlying mortgages by the SDF Lendersto 45 John LLC's mortgage lender, which is providing the financingto close the sale transaction.

Section 4.5 of the Plan, relating to the treatment of the Class 2Claims of the SDF Lenders, is supplemented and clarified asfollows:

While Cham Miller ("Miller") and Sam Sprei ("Sprei") are responsible to pay all accrued interest to the SDF Lenders accruing for the period as of Sept. 17, 2015, at a rate of $3,333 per day, until Nov. 30, 2015 as part of the Settlement, the failure of Sprei and Miller or any other party to pay to interest accruals set forth above shall not impact the obligation to pay the SDF Lenders in accordance with the Section 2(C) of the Settlement Agreement. However,

in the event of a default by Miller and Sprei, they shall not receive their releases as provided in Article VIII of the Plan and the Debtor Injunction shall continue until such

time as Miller and Sprei comply with all of their obligations under the Settlement Agreement. All interest which accrues on or after Dec. 1, 2015, will be paid by 45 John NY LLC in accordance with the Stalking Horse Contract.

HS 45 John LLC proposed a Chapter 11 Plan of Reorganization reachedamong all of the major creditors and parties-in-interest.

The Settlement Agreement was approved by Order dated Nov. 9, 2015,and resolves the competing claims and counterclaims relating to theDebtor's contested rights to purchase the property at 45 JohnStreet, New York, NY. In essence, the Debtor's claims for specificperformance were settled in favor of proceeding with an auctionsale of the John Street Property pursuant to a Stalking HorseContract of $73 million, subject to any higher and better bids thatmay be received.

The Auction Sale was scheduled for Dec. 2, 2015, with all competingbids to be received on or before Nov. 30, 2015. The results of theAuction Sale was to be approved in connection with the confirmationof the Plan, although the actual closing of the transaction willoccur on a post-confirmation basis so as to preserve entitlement tothe transfer tax exemptions under Section 1146(a) of the BankruptcyCode. Pursuant to the Settlement Agreement, the closing dated willbe on or before Dec. 30, 2015, but absolutely no later than Jan.20, 2016 (time of the essence).

The Plan provides for distribution of the sale proceeds to variouscreditors and other parties-in-interest in accordance with thewaterfalls established under the Settlement Agreement. To theextent that the John Street Property is sold for more than $73.6million, the Plan also provide for additional recoveries primarilyto the 41% Investors, the Debtor and Chung Peter Dong, with limitedentitlements to the SDF Lenders (up to $100,000), Bao Di Liu (up to$150,000) and Riverside Abstract LLC (15% of the sale proceeds over$80 million). The Settlement Agreement is specificallyincorporated as part of the Plan and liberally referenced andquoted throughout.

In accordance with Section 1126(f) of the Bankruptcy Code, allclasses of claims that are impaired under the Plan may vote toaccept or reject the Plan. The Class 2 Secured Claims of the SDFLenders, the Class 3 claims of the 41% Investors, and the Class 4Claim of Chun Peter Dong are impaired, making them eligible tovote. The other classes of allowed claims are being paid in fulland thus are deemed unimpaired and not eligible to vote.

Holders of no-insider unsecured claims will be paid in full on theEffective Date and are unimpaired under the Plan.

The John Street Property is owned by 45 John Lofts LLC which wasorganized in February 2014 by Chaim Miller, as the 68% member andinitial manager, and Chun Peter Dong as the other 32% member.Thereafter, Miller assigned portions of his 68% membership interestin 45 John Lofts LLC to a group of Asian investors headed by WingFung Chau and Tu Kang Yang. The group also included Sum TsangCheng, Wan Bin Lu, Song Lin, Mei Hua Chen, Xiu Qin Lin, Xin YuHuang, Bao Di Liu, Shu Ping Chan, Season Garden Realty, Inc., LiLan Liao a/k/a Li Lan Wu and Aiyun Chen (all of whom arecollectively referred to as the "41% Investors").

John Lofts' acquisition of the John Street Property was financedthrough various mortgage loans obtained from two Madison Capitalaffiliates, SDF81 45 John Street 1 LLC and SDF81 45 John Street 2LLC (collectively the "SDF Lenders") in the aggregate principalamount of $48 million.

On Sept. 19, 2014, Miller and John Lofts entered into Contract tosell the John Street Property to the Debtor for a total sum ofapproximately $65.9 million. The Debtor's Contract included adeposit of $14.33 million which was paid directly to John Lofts,less certain reserves and prepayments. As events unfolded, most ofthe deposit ($10.75 million) was simultaneously used by Miller toconsummate a separate set of transactions to buy out his partner BoJin Zhu (the "Zhu Buyout"), concerning four other propertieslocated at (i) 97 Grand Avenue, Brooklyn; (ii) 203-205 North 8thStreet, Brooklyn; (iii) 32-34 Fifth Ave, Brooklyn; and (iv) 29Ryerson Street, Brooklyn (collectively, the "BrooklynProperties").

In connection with the Debtor's Contract, 45 John Lofts, togetherwith Miller and his associate, Sam Sprei, made a series ofwarranties and representations relating to the status of themortgages encumbering the John Street Property, promising that theMortgages were, and would remain current, and were not in default.These representations and warranties proved to be completely falseand untrue.

In addition, Miller and Sprei became subject to a number of StateCourt lawsuits with, among others, Dong and the 41% Investorschallenging Miller's authority to sell the John Street Property tothe Debtor without their consent.

In light of all of the competing claims and interests, HS 45 JohnLLC, a single asset real estate, filed a Chapter 11 bankruptcypetition (Bankr. S.D.N.Y. Case No. 15-10368) on Feb. 20, 2015. Thecase is assigned to Judge Sean H. Lane.

The Debtor estimated $50 million to $100 million in assets andliabilities.

INT'L BENEFITS: Continental Properly Denied Coverage, 4th Cir. Says-------------------------------------------------------------------In 2006, entities and individuals related to W.C. & A.N. MillerDevelopment Company were sued in a contract dispute. Subsequently,in 2010, Miller entered into a liability insurance contract withContinental Casualty Company. Miller itself was sued in 2010 in afraudulent conveyance action seeking recovery on the judgmententered in the 2006 lawsuit. Miller tendered the 2010 suit toContinental, seeking coverage of defense costs. Continental,however, determined that the 2010 lawsuit alleged interrelatedwrongful conduct with the allegations made in the 2006 lawsuitbrought against entities related to Miller. Because allegations ofthe interrelated wrongful conduct constituted a claim first made in2006, before the policy period, Continental denied coverage. Miller went on to successfully defend the 2010 lawsuit at its owncost.

In 2014, Miller sued Continental for breach of the insurancecontract and sought as damages the costs it incurred defendingitself in the 2010 lawsuit. The crux of the parties' dispute iswhether the allegations in the 2006 and 2010 lawsuits are, indeed,interrelated wrongful acts as defined by the insurance policy. Thedistrict court determined that Continental properly deniedcoverage.

In a Decision dated December 30, 2015, which is available athttp://is.gd/voCeYs,the United States Court of Appeals for the Fourth Circuit affirmed the district court's judgment.

KUSH BOTTLES: RBSM LLP Expresses Going Concern Doubt----------------------------------------------------RBSM LLP, in a letter to the board of directors and shareholders ofKush Bottles, Inc., dated Nov. 30, 2015, expressed substantialdoubt about the company's ability to continue as a going concern. The firm audited the consolidated balance sheets of the company asof Aug. 31, 2015 and 2014, and the related consolidated statementsof operations, stockholders' equity and cash flows for the yearsthen ended.

RBSM pointed out that the company has sustained recurring netlosses, negative cash flow from operations, and faces uncertaintiessurrounding the company's ability to raise additional funds. "These conditions raise substantial doubt about the company'sability to continue as a going concern."

"During the year ended August 31, 2015, the company had a net lossof $339,303 and negative cash flow from operations of $202,228. Historically, the company has had operating losses and negativecash flows from operations. Whether, and when, the company canattain profitability and positive cash flows from operations isuncertain," Nicholas Kovacevich, chief executive officer andsecretary, and Chris Martin, chief financial officer of the companysaid in a regulatory filing with the U.S. Securities and ExchangeCommission dated November 30, 2015.

"These uncertainties cast significant doubt upon the company'sability to continue as a going concern."

The officers continued: "The company will need to raise capital inorder to fund its operations. This need may be adversely impactedby uncertain market conditions and changes in the regulatoryenvironment. To address its financing requirements, the companywill seek financing through debt and equity issuances and rightsofferings to existing shareholders.

"Specifically, management has identified that a minimum of $350,000of capital is needed over the next 12 months in order sustainoperations. These capital needs take into account, among otherthings, management's plans to alleviate cash constraints over thenext 12 months by increasing sales volume and gross margin throughfocused sales and marketing efforts in developing states. Management expects to utilize the $350,000 for working capital. Moreover, on April 6, 2015, the company entered into a $240,000revolving line of credit facility with a financial institution,which the company can utilize to fund working capital requirements. Furthermore, management has outlined a plan to raise $1,000,000 incapital over the next 12 months through the issuance of shares ofthe company's common stock to accredited investors. Managementbelieves that the capital raised through these methods will besufficient to sustain operations for the next 12 months. However,the outcome of these matters cannot be predicted with certainty atthis time."

At Aug. 31, 2015, the company had total assets of $3,745,268, totalliabilities of $1,010,512, and stockholders' equity of $2,734,756.

For the year ended Aug. 31, 2015, the company recorded a net lossof $339,303 as compared with a net loss of $395,517 during the sameperiod in 2014.

Based in Santa Ana, California, Kush Bottles, Inc. specializes inthe wholesale distribution of packaging supplies for the cannabisindustry. On April 10, 2015, the company entered into an equitypurchase agreement to acquire all of the membership interests inDank Bottles, LLC, for $373,725.

LAKE ROAD HOLDING: Plans to Wind Down in February-------------------------------------------------Lake Road Holding Company LLC intends to file a certificate ofdissolution in February 2016. Any claims against the Company mustbe sent in writing to:

Each claim must include the name, address, and telephone number ofthe claimants, the dates of occurrence of events upon which theclaim is based and brief description of the basis for the claim orthe nature of the debt, the amount of the claim and whether theclaim is secured, and, if so, the nature of the security.

At the same time, S&P lowered its issue-level ratings on thecompany's senior unsecured debt to 'B-' from 'B'. The recoveryrating on this debt remains '5', indicating S&P's expectation ofmodest (upper half of the 10% to 30% range) recovery in the eventof a payment default.

S&P assesses Laredo's business risk profile as weak, reflectingS&P's view of the company's small and concentrated reserve basewith a high percentage classified as proved-undeveloped and itsparticipation in the highly competitive, capital-intensive, andcyclical oil and gas E&P industry. S&P views Laredo's liquidity asadequate.

The outlook is stable. Based on S&P's scenario forecasts, itexpects that credit measures will weaken materially over the nextone to two years, given the depressed commodity pricingenvironment. In S&P's base case scenario, it forecasts thatweighted average credit measures will weaken into the highlyleveraged band, with debt to EBITDA exceeding 5x and FFO/debtapproaching 12%. S&P expects that the company will continue topreserve its adequate liquidity position, despite potential dropsin the borrowing base at 2016 redeterminations.

S&P would consider a downgrade within the next year if the companyfaced material liquidity issues that limited its access to capitalto fund its growth or if FFO to debt dropped to below 10% and debtto EBITDA exceeded 6.5x for a sustained period. S&P believes thiscould occur under a scenario in which capital spending remainsaggressive but production falls well short of expectations or isdelayed for an extended period.

The potential for an upgrade over the next year is limited by thecompany's geographic concentration and financial sponsor ownershipat above 40%. S&P could consider an upgrade if the company'sfinancial sponsor ownership dropped below 40% and if S&P expectedthe company would be able to maintain FFO to debt at about 15% anddebt to EBITDA of below 5x on a sustained basis.

MADISON NICHE: Seeking U.S. Recognition of Cayman Liquidation-------------------------------------------------------------Matthew James Wright and Christopher Barnett Kennedy, dulyappointed joint official liquidators and authorized foreignrepresentatives of Madison Niche Opportunities Fund, Ltd. andMadison Niche Assets Fund, Ltd., filed Chapter 15 bankruptcypetitions in the U.S. Bankruptcy Court for the District of Delaware(Bankr. D. Del. Case Nos. 16-10043 and 16-10045, respectively) onJan. 11, 2016, seeking recognition in the United States of theFunds' liquidations.

The Liquidations are under the supervision of the FinancialServices Division of the Grand Court of the Cayman Islands as aresult of the Grand Court's orders made pursuant to the OfficialLiquidators' petitions for the Grand Court's supervision underSection 131 of the Companies Law of the Cayman Islands (2013Revision).

While the Funds were formerly registered as mutual funds andregulated by the Cayman Islands Monetary Authority, both Funds'CIMA licenses were terminated following their entry into voluntaryliquidation.

On July 1, 2014, the sole ordinary voting shareholders of bothFunds passed resolutions as special written resolutions, in eachcase providing that the business and affairs of the Funds bevoluntarily wound up in accordance with section 116(c) of theCompanies Law, and that the Official Liquidators be appointed asthe joint voluntary liquidators of the Funds.

After the Funds' entry into voluntary liquidation and theappointment of the Petitioners as joint voluntary liquidators ofthe Funds, the Petitioners determined that petitioning the GrandCourt for an order that the liquidation of the Funds be broughtunder its supervision was necessary in order to best serve theinterests of the Funds and their respective creditors. ThePetitioners reached this conclusion based upon their analysis ofall relevant factors, including the bankruptcy of Red Mesa and theescalating dispute arising out of a Consulting Agreement with TMCConsulting Services, LLC. Opportunities Fund holds a 90.3%interest in Red Mesa.

On March 6, 2015, the Petitioners, acting then in their capacitiesas joint voluntary liquidations of the Funds, issued petitions tothe Grand Court under section 131 of the Companies Law seeking,among other orders, that: the voluntary liquidation of the Fundscontinue under the supervision of the Grand Court; Messrs. Wrightand Kennedy be appointed as the Official Liquidators of the Funds;and the Petitioners be granted powers in their capacities as theofficial liquidators of the Funds.

Contemporaneously with the filing of the petitions, the Petitionersask the Bankruptcy Court to jointly administer the Chapter 15 casesof the Funds for procedural purposes only under the Lead Case No.16-10043. The Official Liquidators said joint administration willallow for the efficient and convenient administration of the Funds'interrelated Chapter 15 cases, will yield significant cost savingsand will not prejudice the substantive rights of anyparty-in-interest.

MAGNUM HUNTER: Court Authorizes $200-Mil. Postpetition Financing----------------------------------------------------------------Judge Kevin Gross of the U.S. Bankruptcy Court for the District ofDelaware authorized Magnum Hunter Resources Corporation and itsaffiliated debtors to obtain both senior and junior securedpostpetition financing from lenders led by Cantor FitzgeraldSecurities, as the administrative agent and collateral agent of thelenders.

Judge Gross authorized the Debtors to obtain secured postpetitionfinancing in the amount of $200,000,000, consisting ofapproximately $70,000,000 of senior secured financing and up to$130,000,000 in junior secured financing, and in the form of amultiple delayed draw term loan subject and pursuant to the termsand conditions set forth in the Court's Interim Order, Final Orderand the Debtor-In-Possession Credit Agreement dated Dec. 17, 2015.

Judge Gross also authorized the Debtors to use cash collateral andprovide adequate protection to the Prepetition Secured Partiesunder (i) the credit agreement between Magnum Hunter ResourcesCorporation ("MHRC") and the Prepetition First Lien FacilitySecured Lenders, in the principal amount of $70,000,000; and (ii)the credit facility between MHRC and the Prepetition Second LienFacility Secured Lenders in the principal amount of $340,000,000.

Judge Gross approved and ratified in full, any DIP FinancingDocuments executed by any Debtor prior to the entry of the FinalOrder in accordance with the terms and conditions of the InterimOrder. He authorized the Debtors to continue to perform under theDIP Financing Documents and, in the case of the Borrower, to borrowthe DIP Financing Loans in an aggregate principal amount of up to$200,000,000 for working capital, to repay in full and in cash thePrepetition First Lien Facility obligations, and other generalcorporate purposes of the Debtors, and upon entry of the FinalOrder, payment in full of the Prepetition First Lien FacilitySecured Obligations, to be incurred, or has been incurred, as thecase may be, as follows: (i)$40,000,000 upon entry of the InterimOrder; (ii) $100,000,000 upon entry of the Final Order; and (iii)$60,000,000 upon the occurrence of certain conditions, as set forthin the DIP Financing Documents.

Judge Gross held that the Debtors' use of Cash Collateral and otherunrestricted cash and cash equivalents shall only be permittedpursuant to the terms of, and in accordance with, the Budgetsubject to permitted variances. He further held that each of theholders of approximately 80% of MHRC's Prepetition Notes andholders of approximately 65% of MHRC's Prepetition Second LienFacility ("Backstoppers"), and the Committee has the right toobject to any payment or distribution of prepetition (i)(a)Operating Expenses, Marketing Expenses and joint Interest Billingsin excess of $100,000 and (b) Shipping and Warehousing Claims and503(b)(9) Claims in excess of $50,000 and (ii)(a) OperatingExpenses, Marketing Expenses, and Joint Interest Billings equal toor less than $100,000 and (b) Shipping and Warehousing Claims and503(b)(9) Claims equal or less than $50,000 to the extent theaggregate amount of such payments exceeds:

The Debtors said that, as of the Petition Date, their total cashbalance is approximately $2.2 million, which is insufficient tooperate their enterprise and continue paying their debts as theycome due.

The DIP Financing Facility will include loans to be advanced andmade available to the Borrower as follows:

* $40 million to be made available on the date the Court enters the Interim DIP Order;

* $100 million to be made available on the date the Court enters the Final DIP Order; and

* $60 million to be made available upon the occurrence of certain conditions.

The term of the DIP Financing Facility will mature on the earliestto occur of (i) of nine months after the closing date of the DIPFinancing Facility, (ii) 31 days after entry by the Court of theInterim DIP Order, if the Final DIP Order has not been entered bythe Court prior to the expiration of such 30-day period, (iii) theeffective date of a plan of reorganization or liquidation in theBankruptcy Cases, (iv) the consummation of a sale of all orsubstantially all of the assets of the Borrower and itssubsidiaries pursuant to Section 363 of the Bankruptcy Code, or (v)the date of termination of the DIP Financing Lenders' Commitmentsand the acceleration of any outstanding extensions ofcredit, in each case, under the DIP Facility in accordance with theterms of the DIP Financing Documents.

Irving, Texas-based Magnum Hunter Resources Corporation, an oil andgas company that primarily engaged, through its subsidiaries, inthe acquisition, development, and production of oil and natural gasreserves in the United States, said these macroeconomic factors,coupled with the their substantial debt obligations and natural gasgathering and transportation costs, strained their ability tosustain the weight of their capital structure and devote thecapital necessary to maintain and grow their businesses. MHRC'stotal number of drilling rigs in operation in the United States isjust 38 percent of the number of rigs that were in operation justone year ago.

Magnum Hunter Resources Corporation and 19 of its affiliates filedChapter 11 bankruptcy petitions (Bankr. D. Del. Proposed Lead CaseNo. 15-12533) on Dec. 15, 2015. The petition was signed by GaryC. Evans, the chairman and CEO.

MEDICURE INC: To Present at Cantech Investment Conference---------------------------------------------------------Medicure Inc. announced that it will present at the 2016 CantechInvestment Conference on January 26th in Toronto.

Now entering its third year, The Cantech Investment Conference iswhere Canada's next great technology companies meet the investmentcommunity. The conference, brought by Cantech Letter and CambridgeHouse International, attracts public market investors, VCs, andangel investors for a one-day exhibit and presentation.

The conference will start from 8:00 a.m. to 6:00 p.m. at the MetroToronto Convention Centre. Medicure's President and ChiefOperating Officer, Mr. Dawson Reimer, will present on the TSX Stageat 1:45 p.m.

About Medicure Inc.

Medicure -- http://www.medicure.com/-- is a specialty pharmaceutical company focused on the development andcommercialization of therapeutics for the U.S. hospital market.The primary focus of the Company and its subsidiaries is themarketing and distribution of AGGRASTAT (tirofiban HCl) for non-STelevation acute coronary syndrome in the United States, where it issold through the Company's U.S. subsidiary, Medicure Pharma, Inc.

Ernst & Young LLP expressed substantial doubt about the Company'sability to continue as a going concern, citing that the Company hasexperienced losses and has accumulated a deficit of C$127 millionsince incorporation and has a working capital deficiency ofC$503,000 as at Dec. 31, 2014.

The Company reported net income of C$1.2 million on C$5.26 millionin revenue for the year ended Dec. 31, 2014. As of Sept. 30, 2015,Medicure had C$12.1 million in total assets, C$10.2 million intotal liabilities and a C$1.95 million in total equity.

MEGA RETAIL: Plan to Sell YOU Chain Casts Going Concern Doubt-------------------------------------------------------------Mega Retail Ltd.'s management believes there are substantial doubtsregarding the continued existence of the company as a goingconcern, according to Avigdor Kaplan, chairman of the company'sparent, Alon Blue Square Israel Ltd., in a Form 6-K filing with theU.S. Securities and Exchange Commission dated Nov. 30, 2015.

Mr. Kaplan elaborated: "The company has accumulated significantlosses in recent years. These losses during the nine month periodsended September 30, 2015 amounted to NIS565 million. In 2014 and2013 the losses of the company and its subsidiaries amounted toNIS436 million and NIS130 million, respectively. The company'sshareholders' deficiency as of Sept. 30, 2015 amounted to NIS345million and the excess of current liabilities over current assetsat that date amounted to NIS180 million.

"Following a deterioration in the financial strength of Mega and aspart of its reorganization plan, Mega reached an agreement with itsemployees as well as an arrangement with some of its creditors (the'the arrangement' or 'the creditors arrangement' or Mega'sarrangement) in a proceeding under section 350 of the Companies'Law conducted in the Lod District Court (hereinafter: 'Courtproceedings'). In addition, Mega petitioned the District Courtseeking the issuance of a stay of proceedings order with respect toits subsidiaries. Immediately after approval of Mega's debtarrangement by the District Court in July 2015 and in recentmonths, Mega's management together with the Board of Directors,which includes a number of new members appointed under thearrangement, adopted considerable efficacy measures that included:the closure of 32 branches, reduction of the personnel roster byapproximately 1000 employees, and investment of considerableefforts to meet the targets of its business plan underlying theapproved arrangement.

"The company management estimate that the demand by some suppliersfor guarantees from the parent company, Blue Square, and negativepublicity regarding the parent company's disputes with itscreditors, resulted in recent weeks in changes in the credit termsfrom suppliers and a significant slowdown in the supply of goods byMega's suppliers to its retail stores. This slowdown has led to adecrease in sales and is one of the central causes for Mega'sdeviation from the reorganization plan. Other significant causesfor Mega's deviation from the reorganization plan are a sale ofonly a part of the branches that were closed, at a slower pace andfor consideration less than Mega's forecasts prior to thearrangement and the need to pay rental fees on account of some ofthe branches that were closed for a longer period than planned. Toincrease the prospects of the success of the reorganization, onNovember 25, 2015, Mega's Board of Directors resolved to take otherefficiency measures, mainly the sale of Mega's discount stores(YOU) and focus on the operation of the city stores chain.

"Mega's Board of Directors and management believe that Mega'sreaching an agreement for the sale of YOU discount store chain,while reaching understandings with employees and suppliers and thecontinued operation of the reorganization plan while focusing onoperating city store chain, will increase the prospects of theplan's success.

"Taking into account the uncertainties in relation to therealization of Mega's plan for selling the discount YOU stores,inter alia, because of the need to reach an agreement quickly withthird parties (purchasers and renters of assets) regarding the saleof branches, wholly or partly, and the need to reach agreementswith employees about significant reduction in manpower derivedtherefrom, in view of the need to financially strengthen Mega inthe future beyond the liabilities of the parent company and giventhe uncertainty about the willingness of the suppliers to maintaina steady supply of goods in credit terms prior to the arrangement,Mega's management believes that there are substantial doubtsregarding the continued existence of Mega as a going concern."

At September 30, 2015, the company had total assets ofNIS936,888,000, total liabilities of NIS1,282,118,000 and totaldeficit of NIS345,230,000.

Net gain in the third quarter of 2015 amounted to NIS66 million, ofwhich NIS154 million were one-time expenses for 32 branches themanagement resolved to close under the reorganization plan, andother onetime expenses and onetime income of NIS229 million from again from change in the fair value of financial liabilitiesresulting from the debt arrangement as compared to a loss of NIS37million in the comparable quarter last year.

Full-text copies of the company's Form 6-K and financial resultsare available for free at:

Mega Retail Ltd. is a subsidiary of Alon Blue Square Israel Ltd.and operates the second largest food retail chain in Israel. As ofNovember 30, 2015, the company closed 32 branches it planned toclose in accordance with its reorganization plan and now operates148 branches and an internet sales Web site.

The downgrade reflects Microchip's weaker credit metrics as aresult of the acquisition of Atmel for approximately $3.6 billion.S&P expects Microchip to fund the acquisition with $2.2 billion ofcash, $0.8 billion of revolver borrowings, and $0.6 billion ofMicrochip stock and equity awards. The transaction has beenapproved by the Board of Directors of Microchip and Atmel and isexpected to close in the second fiscal quarter in 2016 (May 2016).Pro forma leverage will rise to about 4x at close, up from thelow-2x area at Sept. 30, 2015, but S&P expects Microchip's organicgrowth trajectory to continue, leading to leverage declining to themid-3x within a year of transaction close.

S&P views the acquisition of Atmel as positive, as it broadensMicrochip's product portfolio in microcontrollers (MCUs), estimatedto account for about 60% of the combined company's total revenues,to include ARM-based microcontrollers and a greater focus onwireless connectivity. However, the MCU market is highlyfragmented and includes strong competition from largersemiconductor firms with greater financial resources. Additionally,despite Microchip's aggressive acquisition strategy over the pastfew years, it has yet to demonstrate the ability to integrate anacquisition of Atmel's size. These factors are partially offset byMicrochip's strong market position within the 8-bit MCU sub-segmentand improving market position within the 32-bit MCU sub-segment,each representing about 30% of the total MCU market in 2015, and ahealthy MCU market growth environment. Microchip, together withAtmel, will become the third largest MCU provider by revenues. S&Pestimates the combined company will have about 20% and less than10% of revenues coming from analog and memory products,respectively. S&P expects Microchip to achieve consistent organicrevenue growth over the next two years, benefitting from thesecular growth trends in Internet of Things, which includesincreasing MCU content.

MILLENNIUM HEALTH: S&P Suspends 'D' Corporate Credit Rating-----------------------------------------------------------Standard & Poor's Ratings Services suspended its 'D' corporatecredit rating on Millennium Health LLC. At the same time S&Psuspended its 'D' issue level rating on the company's seniorsecured term loan. S&P is also suspending its '4' recovery ratingon the company's term loan.

"Our suspension of the ratings on Millennium reflects a lack ofinformation to satisfactorily assess the company and make awell-informed ratings decision," said Standard & Poor's creditanalyst David Peknay. If the company provides sufficientinformation within 90 days and discusses its plans for the company,S&P could reconvene a rating committee and assign a rating. However, if the level of information remains insufficient or is notof satisfactory quality, S&P will subsequently withdraw the ratingsafter 90 days.

MOLYCORP INC: Eyes Chapter 11 Bankruptcy Exit in April------------------------------------------------------Alan Zimmerman, writing for Forbes, reports that Molycorp Inc. seesitself exiting Chapter 11 bankruptcy protection in April 2016 andis likely to wind up in the hands of either senior lender OaktreeCapital Management or a third-party buyer (with a group of 10%noteholders still in the mix with an outside chance).

According to Forbes, the effective date of the Company'sreorganization plan would occur on April 8.

Forbes says that the Company's fate should be clear by the middleof March at the latest.

Forbes relates that the Company filed a second amendedreorganization plan and disclosure statement. The report explainsthat where the Company's initial plan called for a sale of theCompany that would toggle to a standalone plan if certainnet-proceed thresholds were not met, the new plan called for astandalone reorganization plan as the baseline that could toggle toa sale option under certain circumstances, provided the salegenerated net proceeds to repay Oaktree Capital. The report addsthat the amended plan provided for a distribution to unsecuredcreditors under the standalone option in the form of warrants, andextended the Company's proposed confirmation timeline by about fiveweeks, contemplating a confirmation hearing on March 14.

Forbes recalls that on Jan. 14, 2016, the Bankruptcy Court: (i)extended the exclusive period for the Company to file and solicitvotes to a reorganization plan through the date on which theBankruptcy Court reaches a decision on reorganization planconfirmation, provided that under certain circumstances thecreditors' committee and the ad hoc panel of 10% noteholders wouldhave the right to seek exclusivity termination; (ii) authorized thecreditors' committee to file its adversary action against OaktreeCapital, which it did on Jan. 15, 2016; and (iii) approved biddingprocedures for the sale of the Company's assets that, among otherthings, provides that the Company would not proceed with any saleunless the Bankruptcy Court confirms either the Company's proposedreorganization plan or a different plan as long as it providesOaktree Capital "with the same treatment and benefits as the[current] plan."

The bidding procedures, according to Forbes, name the unsecuredcreditors' committee and the ad hoc panel of 10% noteholders as"consultation parties" in evaluating bids and entitle the Companyto name a stalking-horse bidder before Feb. 19 under an agreementthat would provide, among other things, a 3% breakup fee (althoughit is worth noting that neither Oaktree nor the 10% noteholderswould be entitled to a breakup fee). The report says that the biddeadline would be Feb. 26, and an auction, if required, would beheld on March 4. The report adds that the hearing to approve asale and confirm the plan was set back an additional week from theprior plan, to March 28, 29, and 30, and April 1.

About Molycorp Inc.

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominentrare earth processing facilities around the world. It has aworkforce of 2,530 employees at locations on three continents. Molycorp's Mountain Pass Rare Earth Facility in San BernadinoCounty, California, is home to one of the world's largest andrichest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada andChina. CEO Geoffrey R. Bedford, and other senior managementmembers are located in Molycorp's corporate offices in Toronto,Canada. Other senior management members are located at its U.S.corporate headquarters in Greenwood Village, Colorado.

Molycorp reported a net loss of $623 million in 2014, a net lossof $377 million in 2013 and a net loss of $475 million in 2012.

As of March 31, 2015, the Company had $2.49 billion in totalassets, $1.78 billion in total liabilities and $709 million intotal stockholders' equity.

Molycorp and its North American subsidiaries, together withcertain of its non-operating subsidiaries outside of NorthAmerica, filed Chapter 11 voluntary petitions in Delaware (Bankr.D. Del. Lead Case No. 15-11357) on June 25, 2015, after reachingagreement with a group of lenders on a financial restructuring. The Chapter 11 cases of Molycorp and 20 affiliated debts arepending before Judge Christopher S. Sontchi.

The agreement provides for a financial restructuring of theCompany's $1.7 billion in debt and provides up to $225 million ingross proceeds in new financing to support operations while theCompany completes negotiations with creditors.

The Company's operations outside of North America, with theexception of non-operating companies in Luxembourg and Barbados,are excluded from the filings. Molycorp Rare Metals (Oklahoma),LLC, with operations in Quapaw, Oklahoma, also is excluded fromthe filings as it is not 100% owned by the Company.

Molycorp is being advised by the investment banking firm of MillerBuckfire & Co. and is receiving financial advice fromAlixPartners, LLP. Jones Day and Young, Conaway, Stargatt &Taylor LLP act as legal counsel to the Company in this process. Prime Clerk serves as claims and noticing agent.

According to the Disclosure Statement, "The result of theorganizational structure and lien priorities, in addition to itsrights to the pari passu collateral shared with the 10%Noteholders, Oaktree is entitled to substantially all of the valueattributable to the Downstream Businesses (except for certainlimited amounts payable on account of Intercompany Claims) until itis paid in full before any value is available for creditors who areeither structurally junior (i.e., higher up in the corporateorganizational structure) or junior in priority, for example, the10% Noteholders and the Holders of General Unsecured Claims againstMolycorp. The Plan respects these priorities and distributes valueaccordingly...The Plan requires that the Entire Company Sale mustbe approved in connection with confirmation of the Plan. If theBankruptcy Court determines that the Oaktree Prepetition Claimsshould be disallowed in whole or in part, the Debtors will proceedwith confirmation and consummation of the Plan if the EntireCompany Sale Trigger has occurred, provided that the portion of thecash payable to Oaktree under the Plan equal to the disallowedamount shall be put in an escrow account and not distributed tocreditors pending resolution of any and all appeals by Oaktree ofsuch order... If the Entire Company Sale Trigger does not occur,and the Bankruptcy Court determines that the Oaktree PrepetitionClaims should be disallowed in whole or in part, the Debtors shallnot proceed with confirmation and consummation of the Plan and theBid Procedures will no longer apply, provided that the Debtors mayconsummate the Molycorp Minerals Assets Sale outside of the Plan."The Court subsequently approved the Disclosure Statement.

About Molycorp Inc.

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominentrare earth processing facilities around the world. It has aworkforce of 2,530 employees at locations on three continents. Molycorp's Mountain Pass Rare Earth Facility in San BernadinoCounty, California, is home to one of the world's largest andrichest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada andChina. CEO Geoffrey R. Bedford, and other senior managementmembers are located in Molycorp's corporate offices in Toronto,Canada. Other senior management members are located at its U.S.corporate headquarters in Greenwood Village, Colorado.

Molycorp reported a net loss of $623 million in 2014, a net lossof $377 million in 2013 and a net loss of $475 million in 2012.

As of March 31, 2015, the Company had $2.49 billion in totalassets, $1.78 billion in total liabilities and $709 million intotal stockholders' equity.

Molycorp and its North American subsidiaries, together withcertain of its non-operating subsidiaries outside of NorthAmerica, filed Chapter 11 voluntary petitions in Delaware (Bankr.D. Del. Lead Case No. 15-11357) on June 25, 2015, after reachingagreement with a group of lenders on a financial restructuring. The Chapter 11 cases of Molycorp and 20 affiliated debts arepending before Judge Christopher S. Sontchi.

The agreement provides for a financial restructuring of theCompany's $1.7 billion in debt and provides up to $225 million ingross proceeds in new financing to support operations while theCompany completes negotiations with creditors.

The Company's operations outside of North America, with theexception of non-operating companies in Luxembourg and Barbados,are excluded from the filings. Molycorp Rare Metals (Oklahoma),LLC, with operations in Quapaw, Oklahoma, also is excluded fromthe filings as it is not 100% owned by the Company.

Molycorp is being advised by the investment banking firm of MillerBuckfire & Co. and is receiving financial advice fromAlixPartners, LLP. Jones Day and Young, Conaway, Stargatt &Taylor LLP act as legal counsel to the Company in this process. Prime Clerk serves as claims and noticing agent.

U.S. Bankruptcy Judge Christopher S. Sontchi, who had deniedBloomberg's emergency request to intervene in the process onTuesday, said on Jan. 20, his decision was a mistake. He alsoimmediately scheduled a hearing on the issue for Jan. 22 morning,with the news company permitted to intervene and participate.

About Molycorp Inc.

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominentrare earth processing facilities around the world. It has aworkforce of 2,530 employees at locations on three continents. Molycorp's Mountain Pass Rare Earth Facility in San BernadinoCounty, California, is home to one of the world's largest andrichest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada andChina. CEO Geoffrey R. Bedford, and other senior managementmembers are located in Molycorp's corporate offices in Toronto,Canada. Other senior management members are located at its U.S.corporate headquarters in Greenwood Village, Colorado.

Molycorp reported a net loss of $623 million in 2014, a net lossof $377 million in 2013 and a net loss of $475 million in 2012.

As of March 31, 2015, the Company had $2.49 billion in totalassets, $1.78 billion in total liabilities and $709 million intotal stockholders' equity.

Molycorp and its North American subsidiaries, together withcertain of its non-operating subsidiaries outside of NorthAmerica, filed Chapter 11 voluntary petitions in Delaware (Bankr.D. Del. Lead Case No. 15-11357) on June 25, 2015, after reachingagreement with a group of lenders on a financial restructuring. The Chapter 11 cases of Molycorp and 20 affiliated debts arepending before Judge Christopher S. Sontchi.

The agreement provides for a financial restructuring of theCompany's $1.7 billion in debt and provides up to $225 million ingross proceeds in new financing to support operations while theCompany completes negotiations with creditors.

The Company's operations outside of North America, with theexception of non-operating companies in Luxembourg and Barbados,are excluded from the filings. Molycorp Rare Metals (Oklahoma),LLC, with operations in Quapaw, Oklahoma, also is excluded fromthe filings as it is not 100% owned by the Company.

Molycorp is being advised by the investment banking firm of MillerBuckfire & Co. and is receiving financial advice fromAlixPartners, LLP. Jones Day and Young, Conaway, Stargatt &Taylor LLP act as legal counsel to the Company in this process. Prime Clerk serves as claims and noticing agent.

On July 8, 2015, the U.S. trustee overseeing the Chapter 11 caseof Molycorp Inc. appointed eight creditors of the company to serveon the official committee of unsecured creditors.

MONTREAL MAINE: Insurers Barred from Suing Western Petroleum------------------------------------------------------------Robert J. Keach, as trustee of Montreal Maine & Atlantic Railway,Ltd., sought and obtained from the U.S. Bankruptcy Court for theDistrict of Maine, an order:

(i) enforcing the Releases and Injunctions provided for in the Trustee's Revised First Amended Plan of Liquidation Dated July 15, 2015 (as amended October 8, 2015), which was confirmed by the Court on Oct. 9, 2015, as against Zurich American Insurance Company and Lexington Insurance Company, and

(ii) imposing sanctions on the Insurance Plaintiffs in the form of the costs and expenses of the Trustee in connection with bringing the motion.

According to the Motion, the Insurance Plaintiffs seek to continuetheir lawsuit against a Released Party, Western Petroleum Company,for claims arising out of the Derailment in direct contravention ofthe Court's order confirming the Plan, as well as the Chapter 15Recognition and Enforcement Order, which, among other things,permanently enjoins the pursuit of claims related to the Derailmentagainst Released Parties.

According to Timothy J. McKeon, Esq., at Bernstein, Shur, Sawyer &Nelson, P.A., the Insurance Plaintiffs are aware of the release andinjunction provisions of the Plan; yet nevertheless refuse to ceasetheir pursuit of the Action, baselessly, and without credible legalor factual support, arguing they are not bound by either the Planor the Confirmation Order.

* The Plaintiffs are enjoined from the continued prosecution of the Action against Western Petroleum, and shall dismiss the Action, with prejudice.

* The Trustee and/or Western Petroleum are authorized to take all actions necessary to effectuate the relief granted pursuant to the Order.

* The Plaintiffs will reimburse the Trustee for his attorneys' fees and costs related to bringing and prosecuting the Motion in the amount set forth in the Trustee's Affidavit of Costs and Expenses filed with the Court at the hearing on the Motion.

About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., operated the train thatderailed and exploded in July 2013, killing 47 people anddestroying part of Lac-Megantic, Quebec.

Montreal, Maine & Atlantic Canada Co. ("MMA Canada"), the Canadianunit of Chapter 11 debtor Montreal, Maine & Atlantic Railway Ltd.("MMA"), on July 20, 2015, filed a Chapter 15 bankruptcy petition(Bankr. D. Maine Case No. 15-20518) in Portland, Maine, to seekrecognition and enforcement in the U.S. of the order by the QuebecCourt approving MMA Canada's plan to pay off victims of the July2013 derailment.

The law firm of Verrill Dana serves as counsel to the Debtor.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,P.A., is the Chapter 11 trustee. Lindsay K. Zahradka and and D.Sam Anderson, Esq. serves as his counsel. DevelopmentSpecialists,Inc., serves as his financial advisor; and Gordian Group, LLC,serves as his investment banker.

Justice Martin Castonguay oversees the case in Canada. AndrewAdessky at Richter Consulting was named CCAA monitor. The CCAAMonitor is represented by Sylvain Vauclair at Woods LLP. MM&ACanada is represented by Patrice Benoit, Esq., at Gowling LaFleurHenderson LLP.

The U.S. Trustee appointed a four-member official committee ofderailment victims. The Official Committee is represented byRichard P. Olson, Esq., at Perkins Olson; and Luc A. Despins,Esq., at Paul Hastings LLP.

MONTREAL MAINE: Payout Plan Became Effective Dec. 22----------------------------------------------------Montreal Maine & Atlantic Railway, Ltd.'s Revised First AmendedPlan of Liquidation, which created a C$446 million settlement fundfor the benefit of all victims of the train derailment in 2013 thatkilled 47 people, became effective Dec. 22, 2015.

On Oct. 9, 2015, the U.S. Bankruptcy Court for the District ofMaine entered an order confirming the Trustee's Revised FirstAmended Plan of Liquidation Dated July 15, 2015 (As Amended onOctober 8, 2015). A copy of the Order is available for free at:

The time for parties to appeal the Confirmation Order expired onOct. 23, 2015, and no notice of appeal of the Confirmation Orderwas timely filed in the Chapter 11 Case. On Oct. 24, 2015, theConfirmation Order became a Final Order.

On Nov. 18, 2015, the U.S. District Court for the District of Maineentered an order adopting the Bankruptcy Court's order confirmingthe Plan ("Adopting Order"). On Dec. 19, 2015, the Adopting Orderbecame a Final Order. A copy of the Adopting Order is availablefor free at:

All conditions to the Effective Date of the Plan, as set forth inSection 9.3 of the Plan and paragraphs 47 and 48 of theConfirmation Order, have been satisfied.

On Dec. 22, 2015, the Effective Date of the Plan occurred.

Pursuant to Section 2.2 of the Plan, all persons seeking an awardby the Bankruptcy Court of compensation for services rendered orreimbursement of expenses incurred through and including theEffective Date under Sections 326, 328, 330, and 331 of theBankruptcy Code or filing applications for allowance ofadministrative expense claims arising under Section 503(b)(2),503(b)(3), 503(b)(4), or 503(b)(5) of the Bankruptcy Code will filetheir respective final applications for allowance of compensationfor services rendered and reimbursement of expenses incurred nolater than Feb. 19, 2016.

The Chapter 11 Plan

Judge Peter G. Cary of the U.S. Bankruptcy Court of the District ofMaine on Oct. 9, 2015, entered an order confirming the RevisedFirst Amended Plan of Liquidation filed by the Chapter 11 trusteeof Montreal Maine & Atlantic Railway, Ltd.

The Plan is premised on the creation of a C$446 million settlementfund for the benefit of all victims of the train derailment in 2013that killed 47 people.

The Plan is funded in part by contributions and settlementagreements with various parties with potential liability arisingout of the derailment, and including, without limitation, suchparties' insurance companies.

The Trustee, the Monitor and MMA Canada worked collectively fromthe commencement of the cases to engage in settlement discussionswith various parties identified as potentially liable for damagesarising from the Derailment. As a result of these negotiations,approximately 25 entities or groups of affiliated entities enteredinto Settlement Agreements, whereby the Released Party willcontribute Settlement Funds in exchange, inter alia, for a full andfinal release of all Claims arising out of the Derailment,including any Claims for contribution and/or indemnity asserted bythird parties, as well as the protection of a global injunctionbarring assertion of any Derailment-related Claims against theReleased Parties. The settlement funds constitute, as of Sept. 17,2015, approximately C$446 million.

The Trustee's Chapter 11 plan will distribute the C$446 million(US$343 million) to creditors, including families of the 48 peoplewho died during the 2013 trail derailment accident. According tothe latest iteration of the Disclosure Statement, the Plan proposesto satisfy claims on account of the derailment as follows:

C$191 million -- Government agencies, including the Province of Quebec, city of Lac-Megantic and the Canadian government will split over C$191 million in full and final satisfaction of their allowed claims.

C$111 million -- Families of those who died are expected to receive over C$111 million to satisfy their allowed wrongful death claims. The WD Trust will make distributions to creditors holding derailment wrongful death claims.

C$48 million -- Holders of allowed derailment moral damages and personal-injury claims are in line for more than C$48 million.

C$41 million -- Holders of allowed derailment property damage claims are to receive more than C$41 million.

C$16 million -- Holders of allowed derailment subrogated insurance claims will receive more than C$16 million.

If the aggregate value of the derailment property damage claims isreduced below C$75 million, any difference between C$75 million andthe revised aggregate value of these claims will be allowed andadded, on a pro-rated basis, to the value of the other derailmentclaims.

With respect to non-derailment claims, the estate representativewill distribute the Debtor's cash and convert to cash all otherremaining property of the Debtor, including causes of action. ThePlan provides that:

* Assets are expected to be sufficient to pay all administrative expense claims and priority tax claims.

* Holders of secured claims are unimpaired.

* General unsecured claims are estimated to aggregate between approximately $49 and $66 million (taking into account claims which will be released under settlement agreements). Depending on the amount of residual assets, which is dependent on the outcome of litigation or settlements, holders of allowed general unsecured claims will receive distributions on a range of 1.3% to 88.4% of the allowed amount of their claims.

* There will be no recovery for holders of subordinated claims unless and until all allowed general unsecured claims are paid in full. At this time, the Trustee does not expect that holders of subordinated claims will receive anything under the Plan.

* There will be no recovery for holders of equity interests unless and until all allowed claims are paid in full. At this time, the Trustee does not expect that holders of equity interests will receive any distributions under the Plan.

A copy of the Trustee's Revised First Amended Plan of Liquidationdated July 15, 2015, as amended on Oct. 8, 2015, is available forfree at:

Montreal, Maine & Atlantic Canada Co. ("MMA Canada"), the Canadianunit of Chapter 11 debtor Montreal, Maine & Atlantic Railway Ltd.("MMA"), on July 20, 2015, filed a Chapter 15 bankruptcy petition(Bankr. D. Maine Case No. 15-20518) in Portland, Maine, to seekrecognition and enforcement in the U.S. of the order by the QuebecCourt approving MMA Canada's plan to pay off victims of the July2013 derailment.

The law firm of Verrill Dana serves as counsel to the Debtor.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,P.A., is the Chapter 11 trustee. Lindsay K. Zahradka and and D.Sam Anderson, Esq. serves as his counsel. DevelopmentSpecialists,Inc., serves as his financial advisor; and Gordian Group, LLC,serves as his investment banker.

Justice Martin Castonguay oversees the case in Canada. AndrewAdessky at Richter Consulting was named CCAA monitor. The CCAAMonitor is represented by Sylvain Vauclair at Woods LLP. MM&ACanada is represented by Patrice Benoit, Esq., at Gowling LaFleurHenderson LLP.

The U.S. Trustee appointed a four-member official committee ofderailment victims. The Official Committee is represented byRichard P. Olson, Esq., at Perkins Olson; and Luc A. Despins,Esq., at Paul Hastings LLP.

At the same time, S&P raised its issue-level rating on NCI's $238million term loan due 2019 to 'BB+' from 'BB'. The recovery ratingis '1', which indicates S&P's expectation of very high (90% to100%) recovery for lenders in the event of a default. S&P alsoraised its issue-level rating on NCI's $250 million unsecured notesdue 2023 to 'BB-' (the same as the corporate credit rating) from'B+'. The recovery rating on the notes is '4', which indicatesS&P's expectation of average (30% to 50%, upper end of the range)recovery for lenders in the event of a default.

The stable outlook reflects what Standard & Poor's views asmoderate growth expectations in NCI's markets in 2016. S&P expectsthe company's leverage to decline to about 3.1x over the next 12months due to a commitment to repay debt, moderate sales growth,and slightly elevated EBITDA margins. S&P also expects the companyto continue to maintain strong liquidity based on its asset-basedrevolving credit borrowing capacity, substantial cash on hand, andmodest capital spending.

S&P could lower its rating on NCI if the company were to increaseleverage toward the 5x mark in 2016. S&P could also considerlowering its rating if a moderate recession caused a reversal innonresidential construction trends such that NCI's EBITDA levelsafter the acquisition were below $80 million, resulting in debtleverage approaching 5x. However, S&P's economists think there isonly a 10% to 15% probability of a new recession.

S&P could raise its corporate credit rating if NCI's operatingperformance leads to sustained debt on an adjusted basis of lessthan 3x over the next 12 months, consistent with an intermediatefinancial risk profile. Also necessary for an upgrade would be acommitment from NCI's owners and/or management that the risk ofadditional leveraging would remain low.

S&P could also raise its ratings if CD&R further divests itsownership in NCI to below 40% and relinquishes any remainingoperational and strategic control, in accordance with S&P'scriteria regarding companies owned by financial sponsors.

NDB COMPANY: Board Approves Plan of Liquidation & Dissolution-------------------------------------------------------------N.D.B. Company Inc., a Texas corporation, has announced that theCompany's Board of Directors has unanimously approved a plan ofliquidation and dissolution of the Company. The outstanding sharesof the Company are held in trust for the benefit of theshareholders of North Dallas Bank & Trust Co. If the Plan isapproved by the Trustees and a 2/3 total vote of the beneficialinterest owners, the Company plans to make a one-time distributionof cash proceeds, if any, from the liquidation of the Company'sassets after provisions for the Company's liabilities to theshareholders of record of the Bank at the date of distribution. The Company is currently unable to predict the time required tocomplete the plan or the precise timing or amount of anydistribution pursuant to the plan.

North Dallas Bank & Trust Co. is an independent bank established in1961 with current locations in Dallas, Plano, Irving, Frisco andAddison, Texas.

NET ELEMENT: Kenges Rakishev Reports 18.4% Stake as of Jan. 21--------------------------------------------------------------In an amended Schedule 13D filed with the Securities and ExchangeCommission, Kenges Rakishev disclosed that as of Jan. 21, 2016, hebeneficially owns 21,986,049 shares of common stock of Net Element,Inc., representing 18.4 percent of the shares outstanding. A copyof the regulatory filing is available for free athttp://is.gd/gBpcRZ

Net Element reported a net loss of $10.18 million on $21.2million of net revenues for the 12 months ended Dec. 31, 2014,compared to a net loss of $48.3 million on $18.7 million of netrevenues for the 12 months ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $26.17 million in totalassets, $17.03 million in total liabilities, and $9.14 million intotal stockholders' equity.

BDO USA, LLP, in Miami, Florida, issued a "going concern"qualification in its report on the consolidated financialstatements for the year ended Dec. 31, 2014. The accounting firmsaid that the Company has suffered recurring losses from operationsand has used substantial amounts of cash to fund its operatingactivities that raise substantial doubt about its ability tocontinue as a going concern.

NET ELEMENT: Signs Second Letter Agreement with Director--------------------------------------------------------Net Element, Inc., entered into a Second Additional LetterAgreement with Kenges Rakishev, an accredited investor on Jan. 21,2016. The Second Additional Agreement further modified the termsof the Letter Agreement, dated Sept. 11, 2015, as modified by thatcertain Additional Letter Agreement dated Oct. 7, 2015, withcertain accredited investors listed on the signature pages attachedto that Letter Agreement. Mr. Rakishev is a director of theCompany.

The Second Additional Agreement provided for the second and finalround of $910,000 equity financing to the Company contemplated bythe Original Agreement in consideration for the issuance by theCompany to the Investor of (i) 4,664,275 restricted shares of theCompany's common stock based on $0.1951 per share, equal to theclosing trading price of the Company Common Stock reported on TheNASDAQ Capital Market on Jan. 20, 2016, the trading dateimmediately preceding the date when the Investor and the Companycommitted to the transactions contemplated in the Second AdditionalAgreement; and (ii) options to purchase 4,664,275 restricted sharesof the Company's common stock.

The Company intends to use the proceeds from the sale of theRestricted Shares and the Restricted Options for general workingcapital purposes.

However, such issuance of Restricted Shares and the RestrictedOptions is subject to the Company's stockholders approval within120 days from the date of Second Additional Agreement.

Each Restricted Option will expire on the fifth annual anniversaryof the date of the Second Additional Agreement and shall beexercisable (prior to its expiration) into one (1) Restricted Shareat the exercise price equal to $0.2146 (which is 110% of theclosing trading price of the Company Common Stock reported on TheNASDAQ Capital Market on Jan. 20, 2016, the trading dateimmediately preceding the date when the Investor and the Companycommitted to the transactions contemplated in the Second AdditionalAgreement). The Investor may elect to exercise his RestrictedOptions through a cashless exercise, in which case the Investorwould receive upon such exercise the "net number" of shares ofCompany common stock determined according to the formula set forthin the Restricted Option.

Net Element reported a net loss of $10.18 million on $21.2million of net revenues for the 12 months ended Dec. 31, 2014,compared to a net loss of $48.3 million on $18.7 million of netrevenues for the 12 months ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $26.17 million in totalassets, $17.03 million in total liabilities, and $9.14 million intotal stockholders' equity.

BDO USA, LLP, in Miami, Florida, issued a "going concern"qualification in its report on the consolidated financialstatements for the year ended Dec. 31, 2014. The accounting firmsaid that the Company has suffered recurring losses from operationsand has used substantial amounts of cash to fund its operatingactivities that raise substantial doubt about its ability tocontinue as a going concern.

The bondholders hold claims or act as investment managers andadvisors to funds or accounts that hold claims against the estatesresulting from the purchase of the bonds issued or guaranteed bythe companies, according to the filing.

Milbank Tweed made the disclosure pursuant to Rule 2019 of theFederal Rules of Bankruptcy Procedure.

On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parentNortel Networks Corporation, NNI's direct corporate parent NortelNetworks Limited and certain of their Canadian affiliates commenceda proceeding with the Ontario Superior Court of Justice under theCompanies' Creditors Arrangement Act (Canada) seeking relief fromtheir creditors. Ernst & Young was appointed to serve as monitorand foreign representative of the Canadian Nortel Group. That sameday, the Monitor sought recognition of the CCAA Proceedings in U.S.Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter15 of the U.S. Bankruptcy Code.

That same day, NNI and certain of its affiliated U.S. entitiesfiled voluntary petitions for relief under Chapter 11 of the U.S.Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).

In addition, the High Court of England and Wales placed 19 of NNI'sEuropean affiliates into administration under the control ofindividuals from Ernst & Young LLP. Other Nortel affiliates havecommenced and in the future may commence additional creditorprotection, insolvency and dissolution proceedings around theworld.

On May 28, 2009, at the request of administrators, the CommercialCourt of Versailles, France, ordered the commencement of secondaryproceedings in respect of Nortel Networks S.A. On June 8, 2009,Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Courtfor recognition of the English Proceedings as foreign mainproceedings under Chapter 15.

The U.S. Trustee appointed an Official Committee of UnsecuredCreditors in respect of the U.S. Debtors.

An ad hoc group of bondholders also was organized. An OfficialCommittee of Retired Employees and the Official Committee ofLong-Term Disability Participants tapped Alvarez & MarsalHealthcare Industry Group as financial advisor. The RetireeCommittee is represented by McCarter & English LLP as Delawarecounsel, and Togut Segal & Segal serves as the Retiree Committee. The Committee retained Alvarez & Marsal Healthcare Industry Groupas financial advisor, and Kurtzman Carson Consultants LLC as itscommunications agent.

Several entities, particularly, Nortel Government SolutionsIncorporated and Nortel Networks (CALA) Inc., have materialoperations and are not part of the bankruptcy proceedings.

As of Sept. 30, 2008, Nortel Networks Corp. reported consolidatedassets of $11.6 billion and consolidated liabilities of $11.8billion. The Nortel Companies' U.S. businesses are primarilyconducted through Nortel Networks Inc., which is the parent ofmajority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNIhad assets of about $9 billion and liabilities of $3.2 billion,which do not include NNI's guarantee of some or all of the NortelCompanies' about $4.2 billion of unsecured public debt.

Since the commencement of the various insolvency proceedings,Nortel has sold its business units and other assets to variouspurchasers. Nortel has collected roughly $9 billion fordistribution to creditors. Of the total, $4.5 billion came fromthe sale of Nortel's patent portfolio to Rockstar Bidco, aconsortium consisting of Apple Inc., EMC Corporation,Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research InMotion Limited, and Sony Corporation. The consortium defeated a$900 million stalking horse bid by Google Inc. at an auction.The deal closed in July 2011.

Nortel has filed a proposed plan of liquidation in the U.S.Bankruptcy Court. The Plan generally provides for full payment onsecured claims with other distributions going in accordance withthe priorities in bankruptcy law.

The trial on how to divide proceeds among creditors in the U.S.,Canada, and Europe commenced on Sept. 22, 2014. The question ofhow to divide $7.3 billion raised in the international bankruptcyof Nortel Networks Corp. was answered on May 12, 2015, by twojudges, one in the U.S. and one in Canada.

According to The Wall Street Journal, Justice Frank Newbould of TheOntario Superior Court of Justice in Toronto and Judge Kevin Grossof the U.S. Bankruptcy Court in Wilmington, Del., agreed on theoutcome: a modified pro rata split of the money.

PEABODY ENERGY: Might Run Out of Cash in 9 Months, Bankr. Possible------------------------------------------------------------------Tim Loh at Bloomberg Business reports that investors are wonderingif Peabody Energy Corp. could be the next to file for bankruptcy.

The Company said in a filing that it had $1.4 billion in liquidityincluding cash and availability under its revolving loans as ofNov. 5, 2015. Cash decreased to $167.4 million on that day from$334.3 million at the end of September 2015, Bloomberg Businessrelates. Bloomberg data show that at that rate, the Company isgoing to run out of cash in nine months.

Bloomberg Business states that the Company's cushion will bepressured with coal prices so low. According to Bloomberg datainterest expenses are more than its cash on hand. BloombergBusiness relates that for the 12 months ended Sept. 30, 2015, theCompany burned through $445 million.

Bloomberg Business says that the Company's shares have been cutroughly in half since Arch Coal Inc. filed for Chapter 11protection on Jan. 11, 2016, closing at $3.38 last Wednesday.

Bloomberg Business, citing Financial Industry RegulatoryAuthority's bond-price reporting system Trace, reports that theCompany's 6.5% unsecured bonds have lost 27%, or 3.1 cents on thedollar, over the same period, most recently trading on Jan. 14,2016, at 8.6 cents and yielding 99%.

The Company and Arch, Bloomberg Business recalls, were among theminers that raised a total of $6.4 billion of debt in 2010 and2011, betting that prices for metallurgical coal would continue toincrease due to China's growing demand to build its cities. Thereport states that Goldman Sachs Group Inc. forecasts benchmarkmetallurgical coal prices to drop to $75 in 2016.

According to Bloomberg Business, the Company has been working on adebt exchange with its lenders since 2015, but has yet to agree toa deal.

Peabody Energy Corp. is based in St. Louis, Missouri, and is thelargest coal miner in the U.S.

* * *

As reported by the Troubled Company Reporter on Jan. 20, 2016,Standard & Poor's Ratings Services said it lowered its corporatecredit rating on St. Louis-based Peabody Energy Corp. to 'CCC+'from 'B'.

POSTMEDIA NETWORK: Moody's Lowers CFR to Caa2, Outlook Negative---------------------------------------------------------------Moody's Investors Service downgraded Postmedia Network Inc.'scorporate family rating to Caa2 from B3, probability of defaultrating to Caa2-PD from B3-PD, first lien notes rating to B1 fromBa3, and second-lien notes rating to Caa3 from Caa1. The company'sspeculative grade liquidity rating was also lowered to SGL-4 fromSGL-3 and the ratings outlook was changed to negative from stable.

"Postmedia's results following its April 2015 acquisition of theSun Media assets have been worse than we expected. The downgradewas a result of our lack of confidence that the company will beable to refinance its 2017 and 2018 debt maturities at par", saidPeter Adu, a Moody's analyst.

Ratings Downgraded:

Corporate Family Rating, to Caa2 from B3

Probability of Default Rating, to Caa2-PD from B3-PD

8.25% First Lien Notes due August 2017, to B1 (LGD2) from Ba3 (LGD2)

12.5% Second Lien Notes due July 2018, to Caa3 (LGD4) from Caa1 (LGD5)

Ratings Lowered:

Speculative Grade Liquidity, to SGL-4 from SGL-3

Outlook Action: Changed to Negative from Stable

RATINGS RATIONALE

Postmedia's Caa2 CFR primarily reflects substantial refinancingrisk in 2017 and 2018 caused by a combination of high leverage(adjusted Debt/EBITDA of 6x), high business risk from a continuingsteep revenue decline from its traditional Canadian newspaperbusiness, and weak ability to generate replacement revenue fromdigital content. The rating considers that digital's low entrybarriers and non-existent geographic boundaries will limit thecompany's potential to compensate for the decline in printrevenue.

Postmedia has weak liquidity (SGL-4). It had cash of $32 millionat Q1/2016 and Moody's expects annual free cash flow around $20million in the next year, which is likely sufficient to paymandatory debt repayments of about $20 million per year. However,Postmedia will not have enough cash to fund its upcoming debtmaturities in August 2017 and July 2018, totaling $660 million. Thecompany does not have a revolving credit facility. Postmedia haslimited alternative liquidity generating potential as individualasset sale proceeds above $10 million must be used to repay debtrather than to enhance liquidity.

The negative outlook reflects refinancing risk with the company'supcoming debt maturities given the high business risk of thenewspaper publishing industry and Postmedia's high leverage. Theoutlook could be stabilized if the company is able to refinance itsdebt maturities without impairment.

The ratings will be downgraded further if it is highly likely thecompany will default on its debt obligations. A ratings upgradewill be considered if the company successfully refinances its debtmaturities at par, demonstrates improvement in liquidity, andstabilizes revenue and EBITDA.

The principal methodology used in these ratings was GlobalPublishing Industry published in December 2011.

Postmedia Network Inc. is the largest publisher by circulation ofEnglish language daily newspapers in Canada. Revenue for the lasttwelve months ended Nov. 30, 2015, was $832 million. The companyis headquartered in Toronto.

PRIMORSK INTL: Gets OK to Tap Cash; Lender Questions NY Case Venue------------------------------------------------------------------Jonathan Randles at Bankruptcy Law360 reported that oil tankeroperator Primorsk International Shipping received approval on Jan.20, 2016, from a New York bankruptcy judge to tap encumbered cashin order to keep its operation afloat in Chapter 11, but a majorlender questioned the company's decision to seek court protectionin the Empire State.

During a court hearing in Manhattan, U.S. Bankruptcy Judge MartinGlenn gave Primorsk interim approval to tap cash collateral thatthe company said it needs in order to continue operating a fleet ofnine oil tankers in the short term.

About Primorsk International

Headquartered in Nicosia, Cyprus, Primorsk International ShippingLimited (Prisco) aka PISL operates a fleet of ice-class oil tankersin the Arctic. It was founded in 2004 and is owned by ApingtonInvestments, a British Virgin Islands holding company, which iscontrolled by Russian native Alexander Kirilichev.

As of Dec. 9, 2015, the Primus Entities employed approximately 500people in Canada and 28 in the United States.

As of Nov. 30, 2015, the Primus Entities had a net book value ofapproximately $145,147,981 in assets and consolidated liabilitiestotaling $100,972,326.

PTC SEAMLESS: Court OKs Settlement with Black Diamond, Committee----------------------------------------------------------------Judge Thomas P. Agresti of the United States Bankruptcy Court forthe Western District of Pennsylvania, after consideration of PTCSeamless Tube Corp., f/k/a PTC Alliance Pipe Acquisition LLC'smotion seeking authority from the Bankruptcy Court that thesettlement with Black Diamond, the Pre-Petition Term Agent, and theOfficial Committee of Unsecured Creditors, ordered that the motionis granted in its entirety and all objections to the motion isoverruled.

Under the settlement agreement, the Debtor, the Pre-Petition TermAgent, and the Creditors' Committee agreed to resolve the CommitteeClaims in a manner that avoids uncertainty in outcome and theexpense and delay of litigation, by providing the Debtor's generalunsecured class a carve-out from the value received by the Debtor'sEstate in the sale of the Debtor’s Assets.

The terms of the Settlement, among others, includes that:

(a) In the event the Debtor's Assets are acquired by the TermLenders or Black Diamond through a "Credit Bid Scenario," unsecuredcreditors of the Debtor would receive warrants in the Term Lenderor Black Diamond owned or controlled company that is established toown the Assets equal to 5% of the common equity in this company,with the strike price for the 5% warrants proportional to thepurchase price for the assets.

(b) In the event that the Debtor consummates the Proposed Salepursuant to the Cash Bid Scenario, the Pre-Petition Term Lenderswill pay to the Committee for distribution to the General UnsecuredCreditors an amount equal to 5% of the cash sale proceeds in excessof the sum of: (i) the amount received by the DIP Lenders inrepayment of the DIP Facility, (ii) all allowed administrativeexpenses incurred by the Debtor in the ordinary course through theclosing of the Proposed Sale pursuant to the Approved Budget andwhich amounts will be either funded into escrow for the benefit ofthe holders of such administrative expenses claims, or paid atclosing of the Proposed Sale from proceeds of the DIP Facility orproceeds of the Proposed Sale), and (iii) an agreed-upon wind-downamount that is not to exceed $200,000.

(c) Under the scenario where PTC Alliance, Black Diamond, or anyTerm Lender owned or controlled company acquires the assets, TermLender/Black Diamond Newco will agree to most favored nation statusfor pre-petition vendors to the Debtor in excess of $50,000 (otherthan Robinson Mechanical) that execute a full release of theReleased Parties. In a Cash Bid Scenario by a third party, theDebtor will use reasonable efforts to cause the cash bidder toagree to most favored nation status for prepetition vendors of theDebtor.

(d) Under a Term Lender/Black Diamond Acquisition Scenario, TermLender/Black Diamond Newco would include among acquired assets allpotential Avoidance Actions against pre-petition vendors of theDebtor and Term Lender/Black Diamond Newco would be prohibited frompursuing the same. Under a Cash Bid Scenario by a third party, theDebtor will agree to waive potential bankruptcy avoidance actionsagainst pre-petition vendors of the Debtor.

(e) In either the Credit Bid Scenario or the Cash Bid Scenario,the Committee would consent to the Debtor's stipulations containedin the Final DIP Order and grant a release of independent claimsand causes of action that the Committee may be able to assertagainst the Released Parties and agree not to seek standing topursue any derivative claims or causes of action that could beasserted against the Released Parties. The Debtor would fullyrelease any claims or causes of action that could be assertedagainst the Released Parties by the Debtor.

Judge Agresti authorized the Debtor, the Committee, thePre-Petition Term Agent, and Black Diamond to (a) take allnecessary acts to carry out and implement the Settlement inaccordance with the terms and conditions thereof and (b) executeany other documentation and perform such other ministerial tasks asmay be necessary to carry out the terms of the Settlement,including but not limited to the execution of the SettlementAgreement.

PTC Seamless Tube Corp. was created by PTC Group Holdings Corp. toenter into the seamless tube market, a new type of manufacturingfor PTC. Seamless's executive and financial operations are basedin Wexford, Pennsylvania. Seamless has a single plant located inHopkinsville, Kentucky, which is under construction.

PTC Group and its subsidiaries are leading manufacturers andmarketers of steel tubing, tubular shapes, bar products, fabricatedparts, and precision components. PTC Group was formed in 2000 bythe merger of the Pittsburgh Tube Company and J.H. RobertsIndustries, Inc. PTC Group has two direct subsidiaries: Seamlessand PTC Alliance Corp.

The Debtor disclosed $99,347,576 in total assets and $280,030,034in liabilities in its schedules.

The U.S. Trustee for Region 3 has appointed five creditors to serveon the official committee of unsecured creditors.

QUANTUM CORP: Eric Singer Reports 7.8% Stake as of Jan. 19----------------------------------------------------------In an amended Schedule 13D filed with the Securities and ExchangeCommission, Eric Singer disclosed that as of Jan. 19, 2016, hebeneficially owns 20,677,265 shares of common stock of QuantumCorporation, representing 7.8 percent of the shares outstanding. Acopy of the regulatory filing is available for free at:

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --http://www.quantum.com/-- is a storage company specializing in backup, recovery and archive. Quantum provides a comprehensive,integrated range of disk, tape, and software solutions supportedby a world-class sales and service organization.

Quantum reported net income of $16.7 million on $553 million oftotal revenue for the year ended March 31, 2015, compared to a netloss of $21.5 million on $553 million of total revenue for the yearended March 31, 2014.

As of Sept. 30, 2015, the Company had $305 million in total assets,$384 million in total liabilities and a $78.5 million totalstockholders' deficit.

QUICKSILVER RESOURCES: Completes Auction of U.S. Oil & Gas Assets-----------------------------------------------------------------Quicksilver Resources Inc. and its U.S. subsidiaries on Jan. 23disclosed that they have successfully completed a BankruptcyCourt-approved auction for their U.S. oil and gas assets locatedprimarily in the Barnett Shale in the Fort Worth basin of NorthTexas as well as assets in the Delaware basin in West Texas, whichare concentrated in Pecos County, Texas and to a lesser extentCrockett and Upton Counties, Texas. The completion of the auctionfollows a months-long marketing process of all of Quicksilver's andits U.S. subsidiaries' U.S. assets that began in September 2015. At the auction, which was held on January 20 and 21, 2016,Quicksilver and its U.S. subsidiaries declared an all-cash bid fromBlueStone Natural Resources II, LLC in the amount of $245 millionthe highest or otherwise best bid for the oil and gas assets, andthe successful bid.

Regarding the outcome of the auction, Glenn Darden, President andCEO of Quicksilver, said, "We believe that the marketing and salesprocess was thorough and resulted in a successful outcome. Thissale maximizes value for the benefit of our creditors in the faceof difficult market conditions."

Quicksilver and BlueStone executed the asset purchase agreement forthe sale of the oil and gas assets on January 22, 2016. Quicksilverand its U.S. subsidiaries will seek final approval for the salefrom the United States Bankruptcy Court for the District ofDelaware on January 27, 2016. Quicksilver and its U.S.subsidiaries intend to continue normal operations pending theconsummation of the sale.

Quicksilver and its U.S. subsidiaries filed voluntary petitionsunder chapter 11 of title 11 of the United States Code on March 17,2015, in the United States Bankruptcy Court for the District ofDelaware. The chapter 11 cases are being jointly administeredunder the case number 15-10585. Quicksilver's Canadiansubsidiaries were not included in the chapter 11 filing and are notsubject to the requirements of the Bankruptcy Code. The assets ofQuicksilver's Canadian subsidiaries are not included in this sale,and the sale process for those assets remains ongoing.

Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration andproduction company engaged in the development and production oflong-lived natural gas and oil properties onshore North America. Based in Fort Worth, Texas, the company claims to be a leader inthe development and production from unconventional reservoirsincluding shale gas, and coal bed methane. Following more than 30years of operating as a private company, Quicksilver became publicin 1999.

The Company has U.S. offices in Fort Worth, Texas; Glen Rose,Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,Montana. The Company's Canadian subsidiary, Quicksilver ResourcesCanada Inc. is headquartered in Calgary, Alberta.

On March 17, 2015, Quicksilver Resources Inc. and certain of itsaffiliates filed voluntary petitions for relief under Chapter 11 oftitle 11 of the United States Code in Delaware. The Debtors areseeking joint administration under the main case, In re QuicksilverResources Inc. Case No. 15-10585. Quicksilver's Canadiansubsidiaries were not included in the chapter 11 filing.

The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLPin the U.S. and Bennett Jones in Canada. Richards Layton & Finger,P.A., is legal co-counsel in the Chapter 11 cases. Houlihan LokeyCapital, Inc., is serving as financial advisor. Garden City GroupInc. is the claims and noticing agent.

The creditors object to the Sale Motion particularly in relation tothe proposed assumption and assignment of executory contracts andunexpired leases.

The creditors oppose the proposed assumption and assignmentbecause: (i) the Debtors have not fully and accurately identifiedall of the Creditors Contracts as contracts to be assumed andassigned; (ii) the Debtors have not proposed a disposition of anyunassumed Contracts of the Creditors; (iii) the cure amountsproposed by the Debtors are incorrect and inadequate; (iv) theDebtors have provided no adequate assurance of future performance;and (v) the assumption and assignment of any of the Creditors’Contracts must be consistent with their respective and collectiveterms and functions.

As a condition precedent to the assumption and assignment of CignaContracts, Cigna demands that the Debtors must provide for theproper use and disposition of the plan bank account(s) throughwhich Employee Healthcare Claims are funded, maintain the requiredimprest deposit in the Plan Bank Account and fund all amountsnecessary to process and pay all eligible Employee HealthcareClaims under the Debtors' Employee Benefits Plan incurred prior tothe Effective Date that have not been submitted, processed and paidas of the Effective Date. With specific regard to adequateassurance of future performance under the ASO Agreement, Cignarequirs that the Debtors must identify, in advance of anyassignment of the ASO Agreement to any party, the individual(s) atthe proposed assignee: (i) to whom employee and Cigna questions maybe directed relating to the Employee Benefits Plan and the CignaContracts; (ii) who is to receive notices pursuant to certainsections of the ASO Agreement, and (iii) who is to receive employeepersonal health information. This information is critical toassure continued processing and payment of Employee HealthcareClaims, Cigna asserts.

To the extent that the Debtors do not elect to assume and assignthe ASO Agreement as part of the Sale, or otherwise seek toterminate the ASO Agreement, the Debtors must provide for theprocessing and funding of Run-Out Claims which includes payment ofapproximately $17,300 of run-out fees to Cigna and the continuedfunding of allowed Employee Healthcare Claims throughout therun-out period, Cigna further asserts.

TG Barnett alleges that the Debtors' proposed assumption andassignment of the Supplemental Contracts should be denied by theCourt until the time as TG Barnett's objections are satisfactorilyaddressed and for such other and further relief as may beappropriate.

Oracle America argues that the Debtors may not assume and assignthe Oracle Agreements absent Oracle's consent because they pertainto one or more Licenses of Intellectual Property. Non-exclusivepatent and copyright licenses create only personal not propertyrights in the licensed intellectual property and so are notassignable in accordance with Federal law which makes non-exclusivepatent licenses non-assignable absent consent of the licensor. Toenable Oracle to evaluate whether any of the Oracle Agreements areassignable, and to allow Oracle to assess whether it may acceptperformance from other entities, Oracle asks that with respect toeach Oracle Agreement, the Debtors must specify the contract (a)name; (b) identification number; (c) any associated support orsupport renewals; and (d) the governing license agreement.

The U.S. Government objects to the Sale Motion to the extent thatit fails to recognize the rights of the United States to: (1)require consent and adequate cure prior to the assignment of theInterior Contract and the Agreements under Section 365 of theBankruptcy Code; and (2) requires compliance with financialassurance, decommissioning, audit and other associated obligationsof any federal leases and contracts and other non-bankruptcy law.

Consistent with the Bankruptcy Code, the Mineral Act of 1920provides that no federal lease may be assigned or sublet orotherwise transferred without the consent of the Secretary ofInterior, the Government points out. The agencies' regulationsrequire specific approval for assumption and assignment of federaloil and gas interests, the Government asserts. Prerequisites tothe approval include, but not limited to, the payment of the actualcure amounts, the cure of existing contract and lease defaults, theassumption of decommissioning obligations, and the posting ofappropriate bonds or other security and the qualification of theassignee to hold a lease or other agreement, the Government says. Further, the Assignment of Contracts Act provides that a party to afederal contract may not transfer the contract or any interest inthe contract -- the Debtors may not assign or assume a contractwith the United States without first obtaining its consent, theGovernment adds.

Cigna Health and Life Insurance Company, Life Insurance Company ofNorth America and Cigna Behavioral Health, Inc. are representedby:

Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration andproduction company engaged in the development and production oflong-lived natural gas and oil properties onshore North America.Based in Fort Worth, Texas, the company claims to be a leader inthe development and production from unconventional reservoirsincluding shale gas, and coal bed methane. Following more than 30years of operating as a private company, Quicksilver became publicin 1999.

The Company has U.S. offices in Fort Worth, Texas; Glen Rose,Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,Montana. The Company's Canadian subsidiary, Quicksilver ResourcesCanada Inc. is headquartered in Calgary, Alberta.

On March 17, 2015, Quicksilver Resources Inc. and certain of itsaffiliates filed voluntary petitions for relief under Chapter 11 oftitle 11 of the United States Code in Delaware. The Debtors areseeking joint administration under the main case, In re QuicksilverResources Inc. Case No. 15-10585. Quicksilver's Canadiansubsidiaries were not included in the chapter 11 filing.

The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLPin the U.S. and Bennett Jones in Canada. Richards Layton & Finger,P.A., is legal co-counsel in the Chapter 11 cases. Houlihan LokeyCapital, Inc., is serving as financial advisor. Garden City GroupInc. is the claims and noticing agent.

Pursuant to Section 363(b) of the Bankruptcy Code, the fee letteris approved in all respects, including without limitationreimbursement of expenses, indemnification and exclusivity.

The provisions of the fee letter are explicitly modified as, amongother things, in subsection "(a)" of the first paragraph on page 1of the fee letter, the following language will be deleted in itsentirety:

"a postpetition financing facility in an amount up to$60,000,000 to be used for interim financing requirements ofBorrower during the course of its pending chapter 11 cases. . . ."

All other and further references to the "DIP Facility" and any feesassociated specifically therewith throughout the fee letter willalso be deleted.

global media company engaged in multiple aspects of contentproduction and distribution, including movies, television, sports,digital and music. More than just a collection ofentertainment-related businesses, Relativity is a content enginewith the ability to leverage each of these business units,independently and together, to create content across all mediums,giving consumers what they want, when they want it.

Relativity Studios, the Company's largest division, has produced,distributed or structured financing for more than 200 motionpictures, generating more than $17 billion in worldwide box-officerevenue and earning 60 Oscar nominations. Relativity's filmsinclude Oculus, Safe Haven, Act of Valor, Immortals, Limitless,andThe Fighter.

Relativity Media LLC and its affiliates, including RelativityFashion, LLC, sought protection under Chapter 11 of the BankruptcyCode on July 30, 2015 (Bankr. S.D.N.Y., Case No. 15-11989). The case is assigned to Judge Michael E. Wiles.

After selling their TV business, the Debtors filed a proposed planof reorganization that will allow the Debtors to reorganize theirnon-TV business units with a substantially de-levered balancesheetutilizing new equity investments and new financing. JimCantelupe,of Summit Trail Advisors, LLC, has committed to work with theDebtors to raise up to $100 million of new equity to fund the Plan.

RELATIVITY FASHION: Netflix Files Objection to Chapter 11 Plan--------------------------------------------------------------David Lieberman at Deadline.com reports that Netflix has filed anobjection to Relativity Media's plan to emerge from Chapter 11bankruptcy protection, saying that the Company's CEO Ryan Kavanaughand his backers have "failed to demonstrate that they have even thefunding projected as necessary to exit bankruptcy."

"The Debtors' own projections show some $160 million in new equityand debt for which the Debtors have yet to identify a source," thereport quoted Netflix as saying.

Netflix, according to Deadline.com, said that while it "would liketo be supportive of the Debtors' efforts to reorganize," it wantsout of a deal that's been lucrative for the studio, and that itwants "substantially more assurance" that the Company will be ableto make good on its commitment to provide a certain number of filmsper year -- the exact number is redacted.

Netflix said in court documents that the Company has "not filedanything with the Court amending or supplementing the Plan toaddress the transactions with Trigger Street or Spacey andBrunetti, or otherwise disclosing any such transactions. Thisleaves it unclear whether the transactions with Trigger Street, Mr.Spacey, and Mr. Brunetti have even been finalized, despite theDebtor reporting them as a done deal."

The Company responded, saying that in 2012 it "signed adistribution deal with Netflix whose terms were by far the mostfavorable of any studio. T his objection is nothing more than ablatant attempt by Netflix to use the Chapter 11 process to onceagain renegotiate the agreement, which does not expire until 2018,"Deadline.com reports.

Discovery, Paramount and RatPac Entertainment also objected to thePlan.

About Relativity

Relativity -- http://relativitymedia.com/-- is a next-generation global media company engaged in multiple aspects of contentproduction and distribution, including movies, television, sports,digital and music. More than just a collection ofentertainment-related businesses, Relativity is a content enginewith the ability to leverage each of these business units,independently and together, to create content across all mediums,giving consumers what they want, when they want it.

An investor group composed of Anchorage Capital Group, L.L.C.,Falcon Investment Advisors, LLC and Luxor Capital Group, LP on Oct.21, 2015, completed its purchase of the assets of RelativityTelevision.

After selling their TV business, the Debtors and CEO Ryan C.Kavanaughfiled a proposed plan of reorganization that will allowthe Debtors to reorganize their non-TV business units with asubstantially de-levered balance sheet utilizing new equityinvestments and new financing. Jim Cantelupe, of Summit TrailAdvisors, LLC, has committed to work with the Debtors to raise upto $100 million of new equity to fund the Plan.

RG STEEL: Ira Rennert Settles Lawsuit Filed by U.S. Pension Agency------------------------------------------------------------------Jonathan Stempel at Reuters reported that the billionaire IraRennert has settled a lawsuit in which a U.S. government agencyaccused his holding company Renco Group Inc of trying to evade $70million of pension obligations for its bankrupt RG Steel unit.

In a letter filed on Jan. 19, 2016, in Manhattan federal court,lawyers for Rennert and the U.S. Pension Benefit Guaranty Corp saidthey reached an agreement in principle to end the three-year-oldcase.

Terms were not disclosed, and the lawyers said they plan to workout a settlement agreement by Feb. 19.

Renco had been sued by the PBGC for $97 million over the NewYork-based company's January 2012 sale of a 24.5 percent stake inRG to private equity firm Cerberus Capital Management LP.

fourth-largest flat-rolled steel producer with annual steelmakingcapacity of 7.5 million tons. It was formed in March 2011following the purchase of three steel facilities located inSparrows Point, Maryland; Wheeling, West Virginia and Warren,Ohio, from entities related to Severstal US Holdings LLC. RGSteel also owns finishing facilities in Yorkville and MartinsFerry, Ohio. It also owned Wheeling Corrugating Company and has a50% ownership in Mountain State Carbon and Ohio Coatings Company.

RG Steel along with affiliates, including WP Steel Venture LLC,sought bankruptcy protection (Bankr. D. Del. Lead Case No. 12-11661) on May 31, 2012. Bankruptcy was precipitated by liquidityshortfall and a dispute with Mountain State Carbon, LLC, and aSeverstal affiliate, that restricted the shipment of coke used inthe steel production process.

The Debtors estimated assets and debts in excess of $1 billion.As of the bankruptcy filing, the Debtors owe (i) $440 million,including $16.9 million in outstanding letters of credit, tosenior lenders led by Wells Fargo Capital Finance, LLC, asadministrative agent, (ii) $218.7 million to junior lenders, ledbyCerberus Business Finance, LLC, as agent, (iii) $130.5 million onaccount of a subordinated promissory note issued by majority ownerThe Renco Group, Inc., and (iv) $100 million on a securedpromissory note issued by Severstal.

The Debtor has sold off the principal plants. The sale of theWheeling Corrugating division to Nucor Corp. brought in $7million. That plant in Sparrows Point, Maryland, fetched thehighest price, $72.5 million. CJ Betters Enterprises Inc. paid$16 million for the Ohio plant. RG Steel Sparrows Point LLC hasreceived the green light to sell some of its assets to SiemensIndustry, Inc., which include equipment and related spare parts,for $400,000.

A federal judge approved on Oct. 15, 2015, a structured settlementof claims in RG Steel's Chapter 11 bankruptcy case that givesUnited Steelworkers-related entities about 70% of the $17.4million total to be distributed to creditors.

The Donley 10b5-1 Plan allows for the exercise of options topurchase a maximum of 34,106 shares of Common Stock if the CommonStock reaches a specified market price during the period commencingApril 11, 2016, and continuing until the options to purchase all34,106 shares have been exercised and the acquired shares sold, orJune 20, 2016, whichever occurs first. The shares acquired uponexercise will be sold contemporaneously with the exercise.

The Donley 10b5-1 Plan was designed to comply with the guidelinesspecified in Rule 10b5-1 promulgated under the Securities ExchangeAct of 1934, as amended, which permit persons to enter into apre-arranged plan for buying or selling Company stock at a timewhen such person is not in possession of material, nonpublicinformation about the Company. Mr. Donley will continue to besubject to the Company's stock ownership guidelines, and the salescontemplated by the Donley 10b5-1 Plan will not reduce Mr. Donley'sownership of Common Stock below the levels required by theguidelines.

About Rite Aid Corp.

Rite Aid is a drugstore chain with 4,570 stores in 31 states andthe District of Columbia.

The Company disclosed in its annual report for the year endedFeb. 28, 2015, that it is highly leveraged. Its substantialindebtedness could limit cash flow available for its operations andcould adversely affect its ability to service debt or obtainadditional financing if necessary.

As of Nov. 28, 2015, the Company had $11.7 billion in total assets,$11.2 billion in total liabilities and $501 million in totalstockholders' equity.

* * *

In March 2015, Moody's Investor Service confirmed its 'B2'Corporate Family Rating of Rite Aid. The confirmation reflectsMoody's expectation that Rite Aid will maintain debt to EBITDAbelow 7.0 times after closing the acquisition of EnvisionPharmaceutical Holdings, Inc.

As reported by the TCR on Oct. 2, 2013, Standard & Poor's RatingsServices said it raised its ratings on Rite Aid, including thecorporate credit rating, which S&P raised to 'B' from 'B-'.

In April 2014, Fitch Ratings upgraded its ratings on Rite Aid,including its Issuer Default Rating to 'B' from 'B-'. The upgradesreflect the material improvement in the company's operatingperformance, credit metrics and liquidity profile over the past 24months.

ROYAL ENERGY: Paritz & Company Expresses Going Concern Doubt------------------------------------------------------------Paritz & Company, P.A., in its Nov. 24, 2015 letter to the board ofdirectors and stockholders of Royal Energy Resources, Inc.,expressed substantial doubt about the company's ability to continueas a going concern. The firm audited the consolidated balancesheet of the company as of August 31, 2015, and the relatedconsolidated statement of operations, stockholders' equity, andcash flows for the year ended August 31, 2015.

Paritz & Company noted that the company has not established sourcesof revenues sufficient to fund the development of its business, orto pay projected operating expenses and commitments for the nextyear. The company has accumulated a net loss of $5,010,502 sinceinception through August 31, 2015, and incurred a loss of $502,169for the year ended August 31, 2015. "These factors, among others,raise substantial doubt that the company will be able to continueas a going concern."

William L. Tuorto, chief executive officer, and Douglas C. Holsted,chief financial officer of the company in a November 30, 2015regulatory filing with the U.S. Securities and Exchange Commission,stated: "We incurred a net operating loss in the year ended August31, 2015, and have minimal revenues at this time.

"These factors create an uncertainty about our ability to continueas a going concern.

"We are currently trying to raise capital through private offeringsof convertible notes. As of October 9, 2015, the company hadcompleted an Offering in which it raised $7,500,000 from the saleof 3,000,000 shares of its common stock. Our ability to continueas a going concern is dependent on the success of this plan."

In another letter to the board of directors of the company(formerly World Marketing, Inc.) dated December 8, 2014, GZTY CPAGroup LLC also expressed substantial doubt about the company'sability to continue as a going concern. The firm had audited thebalance sheet of the company as of August 31, 2014 and the relatedstatements of operations, cash flows and the statement ofstockholders' deficit for the year ended August 31, 2014. The firmnoted: "... the company has no established source of revenue and isdependent on its ability to raise capital from shareholders orother sources to sustain operations. These factors among othermatters, raise substantial doubt that the company will be able tocontinue as a going concern."

At Aug. 31, 2015, the company had total assets of $12,350,120,total liabilities of $567,573 and stockholders' equity of$11,782,547.

The company posted a net loss of $502,169 for the year ended August31, 2015 as compared with a net loss of $816,857 for the year endedAugust 31, 2014.

Charleston, South Carolina-based Royal Energy Resources, Inc.previously pursued gold, silver, copper and rare earth metalsmining concessions in Romania and mining leases in the UnitedStates. Commencing in January 2015, the company began a series oftransactions under which it would dispose of all of its existingassets, undergo a change in ownership control and management, andrepurpose itself as a North American energy recovery company, withplans to purchase a group of synergistic, long-lived energy assetsby taking advantage of favorable valuations for mergers andacquisitions in the current energy markets. On April 17, 2015, thecompany completed its first acquisition in furtherance of itschange in principle operations, consisting of 40,976 net acres ofcoal and coalbed methane mineral rights, located across 22 countiesin West Virginia.

In a published opinion, the three-judge appellate panel found thata Louisiana federal court was correct in determining that theliquidating trust for Seahawk Drilling Inc. was owed no coveragefrom 14 insurers.

About Seahawk Drilling

Houston, Texas-based Seahawk Drilling, Inc., engaged in a jackuprig business in the United States, Gulf of Mexico, and offshoreMexico. It offered rigs and drilling crews on a day ratecontractual basis. The Company and several affiliates filed forChapter 11 bankruptcy protection (Bankr. S.D. Tex. Lead Case No.11-20089) on Feb. 11, 2011. Berry D. Spears, Esq., and JonathanC. Bolton, Esq., at Fullbright & Jaworkski L.L.P., in Houston,served as the Debtors' bankruptcy counsel. Shelby A. Jordan,Esq., and Nathaniel Peter Holzer, Esq. at Jordan, Hyden, Womble,Culbreth & Holzer, P.C., in Corpus Christi, Texas, served as theDebtors' co-counsel. Alvarez and Marsal North America, LLC, actedas the Debtors' restructuring advisor. Simmons & CompanyInternational served as the Debtors' transaction advisor.Kurtzman Carson Consultants LLC served as the Debtors' claimsagent. Judy A. Robbins, U.S. Trustee for Region 7, appointedthree creditors to serve on an Official Committee of UnsecuredCreditors. Heller, Draper, Hayden, Patrick & Horn, L.L.C.,represented the creditors committee.

In its amended schedules, Seahawk Drilling disclosed $208,190,199in assets and $438,458,460 in liabilities as of the petition date.

Seahawk filed for Chapter 11 protection to complete the sale ofall assets to Hercules Offshore, Inc. As reported by the TroubledCompany Reporter on April 11, 2011, the Bankruptcy Court approvedan Asset Purchase Agreement between Hercules Offshore and itswholly owned subsidiary, SD Drilling LLC, and Seahawk Drilling,pursuant to which Seahawk agreed to sell to Hercules, and Herculesagreed to acquire from Seahawk, all 20 of Sellers' jackup rigs andrelated assets, accounts receivable and cash and certainliabilities of Sellers in a transaction pursuant to Section 363 ofthe U.S. Bankruptcy Code. The deal was valued at about $176million when it received court approval. The purchase price forthe acquisition was funded by the issuance of roughly 22.3 millionshares of Hercules Offshore common stock and cash consideration of$25 million, which was used primarily to pay off Seahawk's DIPloan. The number of shares of Hercules Offshore common stock tobe issued was to be proportionally reduced at closing, based on afixed price of $3.36 per share, if the outstanding amount of theDIP loan exceeds $25 million, with the total cash considerationnot to exceed $45 million. The deal closed on April 27, 2011.

SEVENTY SEVEN: Moody's Lowers CFR to Caa3, Outlook Negative-----------------------------------------------------------Moody's Investors Service downgraded Seventy Seven Energy Inc.'s(SSE) Corporate Family Rating to Caa3 from Caa1, its Probability ofDefault Rating to Caa3-PD from Caa1-PD, and its senior unsecurednotes due 2022 to C from Caa3. At the same time, SSE's SpeculativeGrade Liquidity rating was affirmed at SGL-3. The debts of SSE'soperating subsidiary, Seventy-Seven Operating LLC were downgradedas follows: its senior secured term loan to Caa2 from B1 and itssenior unsecured notes due 2019 to Ca from Caa2. The rating outlookremains negative.

"The downgrade reflects the difficulty SSE is likely to facegenerating sufficient cash flow to cover interest expense in 2016and 2017, given its high leverage and bleak operating outlook,"said John Thieroff, Moody's Vice President. "The company'sannouncement that it has retained Lazard Freres & Co. LLC to assistin restructuring its debt is a further indication of the company'suntenable capital structure."

Seventy-Seven Energy's Caa3 CFR reflects very high leverage and anuntenable capital structure, exposure to the highly cyclical oiland natural gas land drilling and hydraulic fracturing activitiesand limited track record as a standalone entity competing formarket share with non-Chesapeake Energy Corporation (B2, ratingsunder review ) customers. The rating is supported by contracts onits fleet of land drilling rigs and pressure pumping spreads thatprovide a measure of revenue visibility in 2016, however marginswill likely be pressured further as contracts roll off through 2016in an oversupplied market leading to additional pricing erosion --evidenced by the large number of idled rigs currently undercontract. Additional support to the rating is provided by thecompany's broad geographic footprint in the onshore US and goodservice line diversification, relative to similarly rated peers.

SSE's SGL-3 rating is based on Moody's expectation that the companywill maintain adequate liquidity through 2016. At September 30,2015 SSE had $156 million in cash and an undrawn $275 millionborrowing base revolver, which matures in April 2019. The borrowingbase at September 30 was $163 million with availability of $153million, net of $10 million of outstanding letters of credit. Negative free cash flow, driven primarily by spending necessary tocomplete the company's newbuild drilling rig program, is expectedto be sufficiently funded by cash on hand and drawings under therevolver through 2016. The revolver has no financial covenantsunless revolver utilization exceeds 90% of the available borrowingbase, at which time a minimum fixed charge coverage ratio of 1.0xwould be applicable. Based on limited expected utilization of therevolver, the company has ample headroom for compliance. SSE'sassets are fully encumbered, limiting its ability to raise cashthrough asset sales.

Seventy Seven Operating LLC (SSO) is an operating subsidiary of SSEand is the obligor under the revolving credit facility (not rated),senior secured term loan due 2021 and senior unsecured notes due2019. The revolver is secured by a first lien on all of thecompany's accounts receivable, inventory and other current assetsas defined in the agreement. The term loan is secured by a firstlien on all of the company's drilling rigs, oilfield servicesequipment and other long-term tangible assets. The first priorityposition and relative size of the term loan results in it beingrated Caa2, one notch above the Caa3 CFR under Moody's Loss GivenDefault Methodology.

The 2019 notes are unsecured obligations of SSO and guaranteed byall of SSO's subsidiaries on a senior unsecured basis. SSE is aholding company and its senior unsecured notes due 2022 areunsecured with no subsidiary guarantees until the 2019 notes areretired. Therefore the $450 million 2022 senior notes arestructurally subordinated to all debts at SSO which, combined withour expectation of very limited prospects for recovery, results inthose notes being rated C, two notches beneath the Caa3 CFR. The2019 notes are subordinate to the senior secured claims of the termloan and revolver, but ahead of the senior notes at SSE, resultingin the 2019 senior notes being rated Ca, one notch below the CFR.

The rating outlook is negative reflecting our expectation that thecompany is likely to restructure within the next 12 months due toits unsustainably leveraged capital structure and dim near termprospects for US land drilling activity and completion activity.

SSE's ratings could be downgraded if liquidity declines materially,if the company substantially draws down its revolver in advance ofa possible bankruptcy filing, or operating conditions deterioratebeyond current expectations.

An upgrade is unlikely through 2016; however, Moody's couldconsider an upgrade if the company can sustain EBITDA/Interestcoverage consistently above 1.2x while maintaining adequateliquidity.

Seventy Seven Energy Inc. is a publicly traded oilfield servicescompany that was spun-off from Chesapeake Energy Corporation (CHK,B2 ratings under review) on June 30, 2014. SSE, through SeventySeven Operating LLC and its subsidiary companies owns and operatesdrilling rigs, pressure pumping equipment and other oilfieldservices assets.

The principal methodology used in these ratings was Global OilfieldServices Industry Rating Methodology published in December 2014.

SMART WORLDWIDE: S&P Revises Outlook to Neg. & Affirms 'B' CCR--------------------------------------------------------------Standard & Poor's Ratings Services said it revised its ratingoutlook on Newark, Calif.-based memory packaging and specialtymodule manufacturer SMART Worldwide Holdings Inc. to negative fromstable. At the same time, S&P affirmed its ratings on the company,including the 'B' corporate credit rating and all issue-levelratings.

"We are revising our outlook on SMART to negative from stablebecause of our forecast of significantly weakened credit metrics,including leverage over 6x, over the next 12 months," said Standard& Poor's credit analyst James Thomas.

While S&P expects the firm's leading share in Brazilian memorypackaging and favorable local content regulations to enable SMARTto eventually return to growth and reduce leverage, recent revenuedeclines have been sufficiently severe that any furtherdeterioration could lead to an extended period of elevated leverageand weak to negative free cash flow generation. S&P also notesthat SMART's term loan comes due in August of 2017, and thatfailure to make significant progress in improving operations overthe next fiscal year could threaten SMART's ability to refinance orextend the loan on favorable terms.

S&P's negative outlook is based on significant revenue declines andoperating weakness in SMART's Brazil memory packaging business. S&P believes that local end-market demand for SMART's products hassufficiently declined that the firm's ability to reduce leveragebelow 6x over the next four quarters is uncertain, in spite of asupportive local regulatory environment.

S&P could lower the rating if continued weakness in Brazil or asignificant downturn in SMART's other businesses leads to leveragesustained over 6x or persistently negative free cash flow. Anyperceived challenges to SMART's ability to refinance or extend its2017 term loan or a decline in liquidity could also cause S&P tolower the rating by one or more notches.

S&P could revise the outlook to stable if SMART is able tocapitalize on increasing Brazilian local content requirements forsmartphone and tablet memory, and total unit sales do not continueto decline precipitously, such that SMART is able to sustainleverage below 6x.

SPENDSMART NETWORKS: Further Extends Tender Offer Until Feb. 5--------------------------------------------------------------Spendsmart Networks, Inc., is extending the expiration date of itsOffer to Amend and Exercise until 5:00 p.m. Eastern Time on Feb. 5, 2016, unless further extended. The Offer had beenpreviously scheduled to expire at 5:00 p.m. Eastern Time on Jan. 22, 2016.

SpendSmart had offered to amend warrants to purchase an aggregateof 21,634,695 shares of common stock including:

(i) outstanding warrants to purchase an aggregate of 17,918,675 shares of the Company's common stock issued to investors who participated in the Company's private placement financing closed on Feb. 11, 2014, Feb. 21, 2014, March 6, 2014, and March 14, 2014;

(ii) outstanding warrants to purchase an aggregate of 1,711,106 shares of the Company's common stock issued to investors who participated in the Company's private placement financings closed on Nov. 30, 2012, July 19, 2012, June 20, 2012, May 24, 2012, and March 31, 2012, as well as warrants issued to the placement agent in connection with such financings;

(iii) outstanding warrants to purchase an aggregate of 1,569,935 shares of the Company's common stock issued to investors who participated in the Company's private placement financing completed on Jan. 19, 2011, May 20, 2011, Oct. 21, 2011, and Nov. 21, 2011, as well as warrants issued to the placement agent; and

(iv) outstanding warrants to purchase an aggregate of 434,979 shares of the Company's common stock issued to investors who participated in the Company's private placement financings closed on Nov. 16, 2010.

About SpendSmart Networks

SpendSmart Networks, Inc., provides proprietary loyalty systemsand a suite of digital engagement and marketing services that helplocal merchants build relationships with consumers and driverevenues. These services are implemented and supported by a vastnetwork of certified digital marketing specialists, aka "CertifiedMasterminds," who drive revenue and consumer relationships formerchants via loyalty programs, mobile marketing, mobile commerceand financial tools, such as prepaid card and reward systems. Weenter into licensing agreements for our proprietary loyaltymarketing solution with "Certified Masterminds" which sell andsupport the technology in their respective markets. The Company'sproducts aim to make Consumers' dollars go further when they spendit with merchants in the SpendSmart network of merchants, as theyreceive exclusive deals, earn rewards and ultimately build aconnection with their favorite merchants.

SpendSmart Networks incurred a net loss of $12.2 million on $4.03million of total revenues for the year ended Dec. 31, 2014,compared to a net loss of $14.09 million on $0 of total revenuesfor the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $8.52 million in totalassets, $4.48 million in total liabilities and $4.04 million intotal stockholders' equity.

EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014, citing that the Company has recurring netlosses since inception and has yet to establish a profitableoperation. These factors among others raise substantial doubtabout the ability of the Company to continue as a going concern.

SPORTS AUTHORITY: May File for Bankr. If Bondholder Talks Fail--------------------------------------------------------------Sports Authority Inc. may seek bankruptcy protection if it fails toreach an agreement with the bondholders, Jodi Xu Klein and LaurenColeman-Lochner at Bloomberg reports, citing people familiar withthe matter.

The sources said that the Company is struggling to persuadecreditors to decrease its outstanding debt as it tries to avoidfiling for Chapter 11 reorganization, Bloomberg relates.

The Company, according to Moody's Investors Service, entered a30-day grace period two weeks ago. Bloomberg says that a defaultwill be triggered if the interest payment still isn't covered.

As reported by the Troubled Company Reporter on Jan. 21, 2016, JodiXu Klein and Lauren Coleman-Lochner, writing for BloombergBrief - Distress & Bankruptcy, reported that the Company skipped a$20 million interest payment on its bonds last week as the Companycontinued talks with creditors about how to restructure debt.

* * *

As reported by the Troubled Company Reporter on Jan. 22, 2016,Moody's Investors Service downgraded The Sports Authority Inc.'sCorporate Family Rating and $300 million secured term loan due 2017rating to Caa3 from Caa1 due to the company's announcement that itelected to not make the approximately $21 million subordinatednotes interest payment that was due Jan. 15, 2016. The ratingsoutlook is negative.

TARGUS INC: Public Auction of Assets on February 1--------------------------------------------------A public auction for the sale of the assets of Targus Inc. and itsaffiliates, Targus USA Inc. and Oten Inc., will take place on Feb.1, 2016, at 10:00 a.m. (PST) at the offices of:

The assets to be sold may be offered as single unit or in parcelsas separate assets. All interested potential bidders are invitedto attend and bid at the auction.

Under a credit and guaranty agreement dated May 24, 2011, amongTargus Group International Inc. and guarantors party thereto fromtime to time, Wilmington Trust, National Association, asadministrative agent thereunder and as collateral agent thereunder,Cortland Capital Market Services LLC, as supplemental CollateralAgent thereunder and the lenders party there to from time to time;and a pledge and security agreement dated May 24, 2011, among thecompanies and the collateral agent, a security interest insubstantially all of the property and assets of the Companies wasgranted to the collateral agent, for the benefit of the securedparties.

The security interest in the collateral granted pursuant to thesecurity agreement secure all of the obligations of the Companiesto the secured parties under the credit agreement and any relatedcredit documents.

Freddie Mac had shown that Deloitte put amateurs on the job toaudit Taylor Bean and overlooked inconsistencies, according to aFlorida federal judge.

About Taylor Bean

Taylor, Bean & Whitaker Mortgage Corp. grew from a small Ocala-based mortgage broker to become one of the largest mortgagebankers in the United States. In 2009, Taylor Bean was thecountry's third largest direct-endorsement lender of FHA-insuredloans of the largest wholesale mortgage lenders and issuer ofmortgage backed securities. It also managed a combined mortgageservicing portfolio of approximately $80 billion. The companyemployed more than 2,000 people in offices located throughout theUnited States.

Lee Farkas, the former chairman, was sentenced in June to 30 yearsin federal prison after being convicted on 14 counts of conspiracyand bank, wire and securities fraud in what prosecutors said was a$3 billion scheme involving fake mortgage assets.

As reported by the Troubled Company Reporter on Nov. 25, 2015,Worthington Industries on Nov. 23, 2015, disclosed that itsCryogenics business in the Pressure Cylinders segment is purchasingthe assets of the global CryoScience business of Taylor-Wharton,including a manufacturing facility in Theodore, Alabama. Assetpurchase was expected to close on Dec. 7, 2015.

Newscenter relates that Worthington Industries is consideringinvesting almost $8.5 million in its recently purchased Theodoremanufacturing facility in a bid to consolidate operations. According to company documents, Worthington Industry paid $6million to acquire the Theodore facility and plans to invest anadditional $3.85 million in building improvements and repairs.

Newscenter states that because Worthington Industries rehired 57 ofthe 112 Taylor-Wharton workers terminated when the Company filedfor bankruptcy, the chamber's cost analysis for the abatementrequest reflects total employment of 118 with average annualsalaries of $55,000.

According to Newscenter, the Worthington Industry board's counselis investigating whether any abatements awarded to Taylor-Whartoncan be transferred to Worthington Industry and how the bankruptcyaffected their standing.

Cryogenics is a leading designer, engineer and manufacturer ofcryogenic equipment designed to transport and store liquefiedatmospheric and hydrocarbon gases. Cryogenics has a single UnitedStates operation in Theodore, Alabama. Cryogenics is the direct orindirect parent of several foreign non-debtor subsidiaries whichhave manufacturing operations in China, Malaysia, Slovakia, andwarehousing operations in Germany and Australia.

The Debtors estimated both assets and liabilities of $100 millionto $500 million. O'Neal Steel Inc. is listed as the largestunsecured creditor holding a trade claim of $788,815.

Judge Brendan Linehan Shannon is assigned to the case.

TELEXFREE LLC: Trustee Files Suit Against 78,000 Investors----------------------------------------------------------Tom Corrigan, writing for Dow Jones' Daily Bankruptcy Review,reported that a new lawsuit brought by the trustee responsible forrecouping assets for victims of the $3 billion TelexFree pyramidscheme is seeking to force nearly 80,000 so-called "winners" of thescheme to hand over their profits.

According to the report, the suit, filed earlier this month in U.S.Bankruptcy Court in Worcester, Mass., specifically names 33individuals who, according to the suit, collectively pocketed about$27 million and are among those who took home the largest profits.

About TelexFREE

TelexFREE -- http://www.TelexFREE.com/-- is a telecommunications business that uses multi-level marketing to assist in thedistribution of voice over internet protocol telephone services. TelexFREE's retail VoIP product, 99TelexFREE, allows for unlimitedinternational calling to seventy countries for a flat monthly rateof $49.90. TelexFREE has over 700,000 associates or promotersworldwide.

The company believes the sales of the 99TelexFREE product, theTelexFREE "app," and other new products will ultimately provesuccessful and profitable. The company is struggling, however,with several factors that required it to seek chapter 11protection. First, the Company experienced exponential growth inrevenue between 2012 and 2013 (from de minimus amounts to over$1 billion), which put tremendous pressure on the Company'sfinancial, operational and management systems. Second, althoughthe company revised its original compensation plan to promoters inorder to address certain questions that were raised regarding suchplan, the company believes that the plans need to be furtherrevised. Finally, the trailing liabilities arising from theoriginal compensation plan are difficult to quantify and haveresulted in substantial asserted liabilities against the company,a number of which may not be valid.

TelexFREE, LLC, estimated $50 million to $100 million in assetsand $100 million to $500 million in liabilities.

TelexFREE is facing accusations of operating a $1 billion-pluspyramid scheme.

In May, the Court approved the motion by the U.S. Securities &Exchange Commission to transfer the venue of the Debtors' cases tothe U.S. Bankruptcy Court, District of Massachusetts (Bankr. D.Mass. Case Nos. 14-40987, 14-40988 and 14-40989). The Courtentered an order in relation to the venue transfer stating thatthe cases remain jointly administered, and KCC will continue toserve as claims processing agent.

The Debtors had opposed to the motion, stating that while the SECcontends that the Massachusetts Bankruptcy Court is moreconvenient for the SEC, the SEC has failed entirely to meet itsburden to show that the Massachusetts Bankruptcy Court is betterthan the Nevada Bankruptcy Court for administration of the Chapter11 Cases. The Debtors chose the Nevada Bankruptcy Court because,inter alia, TelexFREE Nevada, a Nevada entity, is a counter-partyto more than 700,000 contracts governed by Nevada law.

A creditors' committee has not yet been appointed in the Chapter11 Cases.

TERA GROUP: LeoGroup To Hold Public Sale on February 11-------------------------------------------------------LeoGroup Private Debt Facility LP will sell all of the assets ofTera Group Inc. located at 110 Wall Street, 4th Floor in New York,New York, to the highest qualified bidder by public sale inaccordance with 6 Del. 9-610 as follows:

To be eligible to bid at the sale, bidders must first submit bidsin writing by electronic mail to counsel for LeoGroup, Michael J.Small at Foley & Lardner at msmall@foley.com no later than Feb. 8,2016, at 5:00 p.m. EST.

Qualified bidders must wire a refundable deposit of $25,000 alongwith a proof of financial wherewithal sufficient to subsequentlywire transfer in immediately available funds in U.S. Dollars theamount of any successful bid on the date of the sale. The depositof the winning bidder will be applied to the purchase price.

TRI STATE TRUCKING: Gets Interim Approval to Use Cash Collateral----------------------------------------------------------------Tri State Trucking Co. received interim court approval to use thecash collateral of its lenders.

The order, issued by U.S. Bankruptcy Judge John Thomas, allowed thecompany to use the cash collateral of Citizens & Northern Bank,Mansfield Crane Services Corp. and People's United EquipmentFinance Corp. beginning Jan. 8, 2016, for a period of at least 120days pending final court hearing.

In exchange for using the cash collateral, the company will grantthe lenders lien and security interest in the cash collateral.

Tri State Trucking will also make monthly payments to C&N andPeople's United.

C&N will receive a monthly payment of $11,308 for the two loans itprovided to the company totaling $390,000. The other lender willreceive a monthly payment of $7,000.

The lenders had previously opposed the use of their cashcollateral. In court papers, the lenders cited the company'sfailure to recognize their security interest in the collateral andthe lack of "adequate protection" of their interest.

About Tri State Trucking

Tri State Trucking Company filed Chapter 11 bankruptcy petition(Bankr. M.D. Pa. Case No. 15-04444) on Oct. 13, 2015. William E.Robinson signed the petition as president. The Debtor estimatedassets in the range of $10 million to $50 million and liabilitiesof at least $1 million. Mette, Evans, & Woodside represents theDebtor as counsel. Judge John J Thomas is assigned to the case.

Tri State operates an over the road logistics company haulingvarious freight of its customers. The Debtor employs approximately50 people and operates from its headquarters located at 16064 Route6, Mansfield, Pennsylvania 16933.

ULTIMATE NUTRITION: Cash Collateral Used Okayed Until Jan. 31-------------------------------------------------------------Judge Ann M. Nevis of the U.S. Bankruptcy Court for the District ofConnecticut, Hartford Division, authorized debtors UltimateNutrition, Inc. and Prostar, Inc., to use funds that constitutecash collateral of TD Bank, N.A.

Judge Nevis authorized the Debtors to use cash collateral to payactual, necessary and ordinary operating expenses, not to exceed$10,349,984, from Nov. 3, 2015 until the Termination Date.

The Debtors' authority to spend cash collateral will automaticallyexpire upon the soonest to occur of (i) Jan. 31, 2016 at 5:00 p.m.,or (ii) the failure by the Debtors to materially comply with theprovisions of the Court's Order, or (iii) the confirmation of aplan of reorganization in the Chapter 11 case ("TerminationDate").

TD extended prepetition financing to the Debtors pursuant to:

(a) a Revolving Credit and Term Loan Agreement in the originalprincipal amount of $10 million. As of Petition Date, the amountof approximately $8,007,000 was due and owing on account of theRevolving Loan.

(b) A Term Loan in the original principal amount of $5million. As of the Petition Date, the amount of $2,417,000 was dueand owing on account of the Term Loan.

(c) An Export Revolving Line of Credit facility in theoriginal principal amount of $1,750,000. As of the Petition Date,the amount of $1,662,000 was due and owing on account of thefacility.

(d) An Equipment Line of Credit in the original principalamount of $1.6 million. As of the Petition Date, the amount ofapproximately $1,084,000 was due and owing on account of theEquipment Loan.

(e) Unlimited Continuing Guaranty Agreements, pursuant towhich the Debtors guaranteed the obligations of VHR Development,LLC to TD with respect to a promissory note in the originalprincipal amount of $1.5 million, which is secured by a mortgage inthe same amount against real property located at 7 CorporateAvenue, Farmington, Connecticut and which is used by the Debtors astheir place of business. As of the Petition Date, the amount ofapproximately $1,258,000 was due and owing on account of VHR's noteand mortgage to TD.

In connection with the TD Prepetition Indebtedness, TD was grantedliens on substantially all the assets of the Debtors, includinginventory, accounts receivable and the proceeds thereof ("TDPrepetition Collateral"). As of the Petition Date, the Debtorswere indebted to TD in an amount of not less than $13,170,000.

Prior to the Petition Date, the Debtors had no borrowingavailability from TD and therefore have an immediate and continuingneed to use cash to fund their business operations. Substantiallyall of the Debtors' cash on hand and cash flow from operationsconsist of proceeds of prepetition accounts or inventory that issubject to liens in favor of TD and that all such cash is cashcollateral in which TD has an interest. If the Debtors are notable to use Cash Collateral, they will be unable to fund payrolland other operating expenses that are necessary to maintain thevalue of their estates and enable them to maximize recoveries forall parties in interest.

About Ultimate Nutrition

Ultimate Nutrition, Inc., develops and distributes nutritionalsupplements for body building, enhanced athletic performance andfitness. The products are sold worldwide in over 100 countries. The business was founded in 1979 by the late Victor H. Rubino, oneof the top amateur power lifters in the United States at that time. The company has two facilities located in Farmington, Connecticut,one product distribution center in New Britain, Connecticut and aresearch and development center in West Palm Beach, Florida.

Ultimate Nutrition disclosed $20,157,424 in assets and $19,885,142in liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 2 appointed three creditors of to serveon the official committee of unsecured creditors. The Committeehas selected Lowenstein Sandler, LLP to serve as its counsel, andNeubert, Pepe & Monteith, P.C. to serve as its local counsel. GlassRatner Advisory & Capital Group LLC, serves as the Committee'sfinancial advisor.

VERSO PAPER: S&P Lowers Corporate Credit Rating to 'D'------------------------------------------------------Standard & Poor's Ratings Services said it lowered its corporatecredit ratings on Verso Paper Holdings LLC and Verso Paper FinanceHoldings LLC to 'D' from 'CCC-'. At the same time, S&P took theserating actions:

-- S&P lowered its issue-level ratings on Verso Holdings LLC's 11.75% senior secured notes issued in 2012 and 2015 (noted by the company as "2012 first-lien notes" and "2015 first- lien notes", respectively) to 'D' from 'CCC-. The '4' recovery rating on the notes is unchanged and indicates S&P's expectation for average recovery (30% to 50%; lower half of the range) in the event of default.

-- S&P lowered its issue-level rating on Verso Holdings LLC's remaining 11.75% senior notes (noted by the company as "1.5- lien notes") to 'D' from 'C'. The '6' recovery rating on the notes is unchanged and indicates S&P's expectation for negligible recovery (0% to 10%).

-- S&P lowered its issue-level rating on NewPage Corp.'s senior

secured term loan to 'D' from 'CCC-'. The '3' recovery rating on the term loan is unchanged and indicates S&P's expectation for meaningful recovery (50% to 70%; lower half of the range). S&P lowered its issue-level ratings on Verso

Paper Holdings LLC's $150 million asset-backed loan revolving credit facility (ABL) due 2017 to 'CC' from 'CCC+'. The '1' recovery reflects our expectation for very high recovery (90% to 100%). It is S&P's understanding that

Verso is current on the ABL, but S&P views a default to be a

virtual certainty given the company's disclosure that it is exploring alternatives to restructure its balance sheet.

-- S&P lowered its issue-level ratings on Verso Paper Holdings LLC's $50 million revolving cash flow facility, due 2017 to 'CC' from 'CCC-'. The '4' recovery rating on the facility reflects S&P's expectation for average recovery (30% to 50%;

lower half of the range). Similar to S&P's view of the ABL,

S&P expects a default to be a virtual certainty given the company's stated intentions to restructure its balance sheet.

The 'C' issue-level rating and '6' recovery rating on the company'ssecond priority and senior subordinated notes are unchanged at thistime.

S&P lowered the ratings on Memphis, Tenn.-based paper manufacturerVerso Corp.'s subsidiaries, Verso Paper Holdings LLC and VersoPaper Finance Holdings LLC, after the company announced that it hadelected to exercise the grace periods with respect to interestpayments due on several debt obligations.

VIGGLE INC: 6% Shareholder Calls for New Chief Executive Officer----------------------------------------------------------------Wolverine Asset Management, LLC, a significant shareholder withownership of approximately 6 percent of Viggle Inc.'s outstandingshares, delivered a letter to Robert F.X. Sillerman, chairman andchief executive officer of Viggle expressing its serious and urgentconcerns regarding the strategic direction of the Viggle andoutlined the opportunities it believes are available to maximizevalue for the benefit of all shareholders.

Wolverine stated in the letter that it is specifically concernedthat the Company's current strategy has not achieved anywhere nearthe expected values (in its asset sales), and that the Company hasneither demonstrated nor articulated a cogent go-forward operatingplan other than to say it is exploring strategic alternatives. Wolverine also expressed its concerns that Mr. Sillerman'sattention to the current issues facing SFX Entertainment has becomea major distraction for the Company and that the senior managementteam assembled by Mr. Sillerman just a couple years ago is indisarray given that three of the senior executives havesubsequently departed. Wolverine requested that Mr. Sillermanimmediately engage in active dialog with Wolverine to discuss itsplans to improve shareholder value at the Company, including, amongothers: (i) monetizing assets/maximizing (preserving) value; (ii)fixing the overleveraged balance sheet; (iii) devising a broaderoperating strategy that leverages the Company's historical mediasuccess; and (iv) attracting a new CEO and senior management team.

About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.The Company has developed a loyalty program for television thatgives people real rewards for checking into the television showsthey are watching on most mobile operating system. Viggle userscan redeem their points in the app's rewards catalog for itemssuch as movie tickets, music, or gift cards.

Viggle reported a net loss attributable to common stockholders of$78.9 million on $25.5 million of revenue for the year endedJune 30, 2015, compared to a net loss attributable to commonstockholders of $68.1 million on $18.0 million of revenues for theyear ended June 30, 2014.

As of Sept. 30, 2015, the Company had $74.0 million in totalassets, $59.8 million in total liabilities, $12.04 million inseries C convertible preferred stock and $2.10 million in totalstockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualificationon the consolidated financial statements for the year endedJune 30, 2015, citing that the Company has suffered recurringlosses from operations and at June 30, 2015, has a deficiency inworking capital that raise substantial doubt about its ability tocontinue as a going concern.

Prior to joining the Company, Ms. Zheng, 41, served as a senioraccountant for the global finance team at Colliers InternationalGroup Inc., a publicly traded real estate company, from October2014 to July 2015, and from April 2012 to October 2014, Ms. Zhengserved as a lead financial analyst at TIO Networks Corp., apublicly traded bill payment processing company listed on theToronto Stock Exchange. From February 2012 to April 2012, Ms.Zheng worked as a financial consultant at Gateway Casinos andEntertainment, a Canadian gaming and entertainment operator. FromMay 2011 to February 2012, Ms. Zheng served as a financialreporting and accounting manager at HSBC Bank Canada, assistingwith managing the bank's financial planning and analysis among itsglobal business units. From April 2007 to May 2011, Ms. Zhengworked as a senior financial accountant in charge of the accountingand internal control departments at Quality Move Management, Inc.,a moving company.

Ms. Zheng has over 15 years of professional financial accountingand analysis experience. Prior to April 2007, Ms. Zheng worked inChina for six years as a cost control supervisor for Unicom GuomaiCommunications Co., Ltd., a public telecommunications company thathad traded on the Shanghai Stock Exchange, and served as arepresentative on the telecommunications company's securitiesaffairs board for two years. Ms. Zheng holds an MBA fromLaurentian University and a bachelor's degree in engineering fromShanghai University. Ms. Zheng is a Chartered ProfessionalAccountant and has been a member of the Certified GeneralAccountants Association of Canada since 2010.

Pursuant to the Agreement, the Company will provide Ms. Zheng withan annual base salary of C$95,000, with an annual bonus of up to20% of such base salary. In addition, Ms. Zheng will receive aninitial option to purchase 200,000 shares of the Company's commonstock, with an exercise price equal to the fair market value on thedate of the option grant, which option shall be fully vested atissuance and valid for two years after the date of such issuance,unless extended in writing. Ms. Zheng may be eligible to receiveadditional grants of stock options or purchase rights from time totime, on such terms and conditions as determined by the board ofdirectors of the Company. There are no family relationshipsbetween Ms. Zheng and any director or executive officer of theCompany or its subsidiaries.

About Viscount Systems

Burnaby, Canada-based Viscount Systems, Inc., is a manufacturer,developer and service provider of access control securityproducts.

Viscount Systems reported a net loss and comprehensive loss ofC$991,000 on C$4.76 million of sales for the year ended Dec. 31,2014, compared to a net loss and comprehensive loss of C$3.08million on C$4.13 million of sales in 2013.

As of June 30, 2015, the Company had C$1.84 million in totalassets, C$1.74 million in total liabilities, C$16,696 inconvertible redeemable preferred stock and C$88,796 in totalstockholders' equity.

Dale Matheson Carr-Hilton Labonte LLP, in Vancouver, Canada, issueda "going concern" qualification on the consolidated financialstatements for the year ended Dec. 31, 2014, citing that theCompany has incurred losses in developing its business, and furtherlosses are anticipated in the future. The Company requiresadditional funds to meet its obligations and the costs of itsoperations and there is no assurance that additional financing canbe raised when needed. These factors raise substantial doubt aboutthe Company's ability to continue as a going concern.

WALTER ENERGY: Court Denies Bid to Stay Order Approving Asset Sale------------------------------------------------------------------BankruptcyData reported that the U.S. Bankruptcy Court denied anemergency motion filed by United Mine Workers of America CombinedBenefit Fund and United Mine Workers of America 1992 Benefit Plan(together, the Coal Act Funds) for a stay pending appeal of theCourt's Jan. 8, 2016 order approving the sale of Walter Energy'sacquired assets free and clear of claims, liens, interests andencumbrances and approving the assumption and assignment of certainexecutory contracts and unexpired leases.

The order states, "Upon due consideration of the Stay Motion, theJoinder, the Debtors' Opposition, the Steering Committee'sObjection, the arguments and representations of counsel at thehearing on Jan. 20, 2016, all other matters brought before theCourt, and based upon the findings of fact and conclusions of lawstated on the record at the hearing on Jan. 20, and for other goodcause, the Court Finds, Determines, and Concludes that the StayMotion and Joinder are each without merit and should be Denied."

About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly traded "pure-play" metallurgical coal producer for the global steeliindustry with strategic access to steel producers in Europe, Asiaand South America. The Company also produces thermal coal,anthracite, metallurgical coke and coal bed methane gas. WalterEnergy employs approximately 2,700 employees, with operations inthe United States, Canada and the United Kingdom.

For the year ended Dec. 31, 2014, the Company reported a net lossof $471 million following a net loss of $359 million in 2013.

Walter Energy, Inc., and its affiliates sought Chapter 11protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham,Alabama on July 15, 2015, after signing a restructuring supportagreement with first-lien lenders.

Walter Energy disclosed total assets of $5.2 billion and total debtof $5 billion as of March 31, 2015.

Judge Silverstein authorized the Debtors to enter into a SeniorSecured Superpriority Debtor-In-Possession Credit Agreement withFirst Niagara Bank, N.A., pursuant to which the Debtors will obtainup to $3,691,545 of aggregate postpetition senior securedsuperpriority debtor-in-possession financing, comprised of (a) arevolving credit facility in the maximum principal amount of$1,400,000 and (b) a roll-up credit facility in the maximumprincipal amount of $2,291,555.

The senior secured, superpriority Debtor-In-Possession CreditAgreement contains, among others, the following terms:

(a) Interest: Each Loan will bear interest on the outstandingprincipal amount thereof from the date when made at a rate perannum equal to 7 percent.

(b) Fees: On the Closing Date and as a condition precedentthereto, the Borrower agrees to pay to Lender the Revolving CreditCommitment Fee. Upon entry of the Final Order, the Borrower agreesto pay to Lender the Roll-Up Commitment Fee.

The Debtors and Wire Mesh Holdings, Inc. ("Wire Mesh"), werejointly and severally indebted to the Prepetition Lender in theaggregate principal amount of not less than $12,273,952 ofoutstanding borrowings under Prepetition Secured Agreements. ThePrepetition Secured Obligations are secured by first priority,valid and perfected security interests in and liens onsubstantially all of the Debtors' assets, including real property,fixtures, accounts, inventory, capital stock of Wire PropertyHoldings, LLC, Wire Mesh, AP Wire Hong Kong Holding Limited andSuzhou New York Wire Precision, Inc., contract rights, instruments,documents, chattel paper, drafts and acceptances, generalintangibles and all other forms of obligations owing to the Debtors("Prepetition Collateral"). All proceeds of the PrepetitionCollateral constitute cash collateral of the Prepetition Lender.

The Debtors say they have an immediate need to obtain the DIP LoanFacility and to use the Prepetition Collateral, including CashCollateral to, among other things, permit the orderly continuationof the operation of their businesses, preserve the going concernvalue of the Debtors, complete the Debtors' sale process, and paythe costs of administration of their estates. The Debtors' accessto sufficient working capital and liquidity through the use of thePrepetition Collateral, including the Cash Collateral, andborrowing under the DIP Loan Facility is vital to preserve theenterprise value of the Debtors' estates, assure the continuedemployment of many of the Debtors' employees prior to a sale and,ultimately, to facilitate a successful sale.

As adequate protection for the Debtors' use, consumption, sale,collection or other disposition of any of the PrepetitionCollateral, Judge Silverstein ordered that the Prepetition Lenderreceive the following:

i. Conversion of Prepetition Secured Obligations to DIPObligations pursuant to DIP Extensions of Credit under the DIPRoll-Up Facility;

ii. To the extent there is diminution in the value of theinterests of the Prepetition Lender in the Prepetition Collateral,the Prepetition Lender is granted replacement liens on thePrepetition Collateral, as well as a lien on the proceeds andproducts of the Chapter 5 Claims;

iii. An allowed administrative claim against the Debtors'estates, to the extent that the Replacement Liens and Chapter 5Claim Liens do not adequately protect the diminution in the valueof the Prepetition Collateral; and

iv. Payment of fees and expenses of the Prepetition Lender tothe extent incurred prior to, on or after the Petition Date.

With headquarters in Hanover, Pennsylvania, Wire Company Holdings,Inc. and Wire Property Holdings, LLC, are manufacturers of wire andwire mesh products servicing a broad range of applications. Thewire and mesh products can be used in diverse functions: as supportfor filter media in the automobile industry, as filtering in theappliance industry, as EMF shielding in the electronics industry,or as a signal receiver in the communications industry, to namejust a few.

For the year ended Dec. 31, 2014, Wire Company reported a net lossof $4,942,000 on revenues of $44,399,000 on a consolidated basis. For the year ended Dec. 31, 2013, Wire Company reported a net lossof approximately $4,145,000 on revenues of $46,712,000. ThroughAugust 2015, it reported a net loss of $3,859,000 on revenues of$27,617,000 on a consolidated basis. As of Sept. 1, 2015, itemployed approximately 237 individuals.

[*] Conway MacKenzie Announces the Promotion of 11 Professionals----------------------------------------------------------------Conway MacKenzie announced the promotion of eleven professionals.

They are the following:

Michael S. Correra Senior Managing DirectorNew York

Michael Correra has a strong background in restructuring,reorganization, and bankruptcy advisory services. He's also one ofthe key contacts for Engineering & Construction and Transportation& Logistics.

Mr. Correra has extensive knowledge of a wide variety of industriesbut specializes in advising companies and/or their constituents inthe industries of engineering and construction, automotive, heavyequipment, general manufacturing and transportation. He has playedsignificant roles at clients such as Allied Holdings, AlstomTransportation, Dick Corporation, Dura Automotive, FoamadeIndustries, General Car and Truck, S.G. Marino Crane Service,Matrix Service Company, Motor Coach Industries and RailWorksCorporation.

Mr. Correra is a Certified Insolvency & Restructuring Advisor(CIRA), holds his Certification in Distressed Business Valuation(CDBV), and a member of the Association of Insolvency &Restructuring Advisors, Turnaround Management Association and theAmerican Bankruptcy Institute.

He performs financial, operational, management and manufacturinganalysis for the purpose of determining the viability of a businessand developing a survival, sale or liquidation plan. He hasnegotiated debt restructuring and reorganization transactions inboth out-of-court and Chapter filing settings.

In addition to providing typical restructuring services, Mr. Laberhas been integrally involved in the sale of numerous troubledcompanies both out-of-court and pursuant to Section 363 of theBankruptcy Code. He has also testified on valuation andrestructuring matters in Bankruptcy Court.

His credentials include: Certified Public Accountant (CPA, Texasand Colorado), Certified Turnaround Professional (CTP), CertifiedInsolvency and Restructuring Advisor (CIRA) and is Certified inFinancial Forensics (CFF). Mr. Laber is active in the Dallascommunity serving on the Board of Directors of the Lake HighlandsFamily YMCA. He currently serves on the Board of Directors of theDallas chapter of the Turnaround Management Association.

Kenneth T. LatzSenior Managing DirectorNew York

Kenneth Latz is a Senior Managing Director and leader of the Firm'sPrivate Fund Services practice area and also a key contact for theRetail, Consumer Products and Direct Marketing industry. Mr. Latzhas nearly 20 years of experience in private equity, financial andoperational restructuring, merger and acquisition advisory servicesand the management of performing and under-performing companies.

As leader of the Firm's Private Fund Services practice, Mr. Latzoversees the deployment of the Firm's strategy for the provision ofportfolio management and other advisory services to private capitalfund stakeholders to help maximize the value of investments duringperiods of fund-level transition, recapitalization, restructuringor distress. The group also pursues and manages direct secondaryinvestments of equity and debt portfolios in partnership withselect capital partners.

As a restructuring advisor, Mr. Latz has represented the interestsof debtor and creditor constituencies in out-of-courtrestructurings and formal bankruptcy settings in a variety ofindustries, including automotive, manufacturing, retail, consumerproducts, healthcare, distribution, telecommunications andtechnology.

Mr. Latz has also served in various executive management roles forperforming and under-performing companies including, ChiefExecutive Officer, Chief Financial Officer, Chief RestructuringOfficer, Corporate Controller and Treasurer across a variety ofindustries and situations.

Pete Smidt is a shareholder of Conway MacKenzie and leads ourTransaction Services practice. Mr. Smidt has twenty years ofmergers and acquisition services, advising on over 350transactions, including buy-side, merger integration and sell-sideengagements.

She is a Certified Public Accountant and a Certified Insolvency &Restructuring Advisor. Mrs. Iafrate is a member of the AmericanBankruptcy Institute, Michigan Association of Certified PublicAccountants, American Institute of Certified Public Accountants,Turnaround Management Association, Association of Insolvency &Restructuring Advisors, International Women's Insolvency &Restructuring Confederation, Risk Management Association and theSociety of Automotive Analysts.

John A. Jansen Director Detroit

John Jansen provides turnaround consulting and crisis managementservices to performing and under-performing companies in a varietyof industries.

He is a Certified Public Accountant and holds memberships with theAmerican Bankruptcy Institute, American Institute of CertifiedPublic Accountants, Texas State Board of Public Accountancy and theTurnaround Management Association.

Mr. Prossner is a Certified Insolvency & Restructuring Advisor(CIRA) and a member of the Association of Insolvency &Restructuring Advisors. He is also a member of the TurnaroundManagement Association, the American Bankruptcy Institute and theAssociation for Corporate Growth.

His experience includes cash management, vendor management,financial analysis, constituent communications, and bankruptcyadministration. His industry experience includes automotivesupply, food processing, metal recycling and staffing companies. In a recent assignment, Mr. Wills was part of a team thatsuccessfully advised a $170M food processing company via Chapter 11bankruptcy and sale process allowing the company to adequatelyrecapitalize and operate as a going-concern.

Mr. Wills is a Certified Public Accountant and is a member of theTurnaround Management Association, the American BankruptcyInstitute, and the American Institute of Certified PublicAccountants.

In an unpublished Jan. 15 opinion, a three-judge First AppellateDistrict panel affirmed a trial court's dismissal of the suit filedagainst Greenberg Traurig and attorneys Toni Wise and Dennis Zentilunder the in pari delicto doctrine.

[*] Jones Day Named Among Blaw360's Bankruptcy Group of the Year----------------------------------------------------------------Matt Chiappardi at Bankruptcy Law360 reported that Jones Day hascontinued to distinguish itself as one of the premier bankruptcyfirms and merited mention among Law360's Bankruptcy Groups of theYear.

Jones Day handled significant successful cases in 2015, includingNII Holdings Inc. and RadioShack, and major ones like AmericanApparel and Alpha Natural Resources pending in 2016.

One of the keys to Jones Day's success is a practice area that itset up as a team effort from the get-go.

[*] Justices Won't Eye Ruling to Keep Ch. 15-Linked Suit Federal----------------------------------------------------------------Cara Salvatore at Bankruptcy Law360 reported that the Supreme Courtwill not review a Fifth Circuit decision that forces a Chapter15-related lawsuit by three pension funds to stay in federal courtand shoots down a judge's attempt to remand it to state court,letting a ruling on an issue of first impression stand. TheSupreme Court denied a petition for certiorari on Jan. 19, 2016, inFirefighters Retirement System v. Citco Group Ltd., which the FifthCircuit ruled on in June.

[*] Moody's Puts 11 U.S. Mining Companies on Review for Downgrade-----------------------------------------------------------------Moody's Investors Service has placed the ratings of 11 miningcompanies rated in the US and their rated subsidiaries, on reviewfor downgrade.

The actions reflect Moody's effort to recalibrate the ratings inthe mining portfolio to align with the fundamental shift in thecredit conditions of the global mining sector.

"Slowing growth in China, which consumes and produces at least halfof base metals, and is a material player in the precious metals,iron ore and metallurgical coal markets is weakening demand forthese commodities and driving prices to multi-year lows," saysCarol Cowan, a Moody's Senior Vice President. "China's outsizedinfluence on the commodities market, coupled with the need forsignificant recalibration of supply to bring the industry back intobalance indicates that this is not a normal cyclical downturn, buta fundamental shift that will place an unprecedented level ofstress on mining companies."

[*] Moody's Puts 12 Canadian Mining Cos. on Review for Downgrade----------------------------------------------------------------Moody's Investors Service has placed the ratings of 12 miningcompanies rated in Canada and their rated subsidiaries, on reviewfor downgrade.

The actions reflect Moody's effort to recalibrate the ratings inthe mining portfolio to align with the fundamental shift in thecredit conditions of the global mining sector.

"Slowing growth in China, which consumes and produces at least halfof base metals, and is a material player in the precious metals,iron ore and metallurgical coal markets is weakening demand forthese commodities and driving prices to multi-year lows," saysJamie Koutsoukis, a Moody's VP - Senior Analyst. "China's outsizedinfluence on the commodities market, coupled with the need forsignificant recalibration of supply to bring the industry back intobalance indicates that this is not a normal cyclical downturn, buta fundamental shift that will place an unprecedented level ofstress on mining companies."

As part of an ongoing assessment of mining companies, Moody'ssharply reduced its price sensitivity assumptions on December 8,2015. Since then, credit conditions in the mining industry haveweakened further, with prices continuing to decline. The likelihoodhas increased that prices for base metals, precious metals, ironore and metallurgical coal will approach levels closer to Moody'sstressed sensitivity scenario. In addition, the strong US dollar isa further factor contributing to weakening demand and drivingprices lower since most metals are traded in dollars.

This broad ratings review will consider each mining company's assetbase, cost structure, likely cash burn and liquidity, as well asmanagement's strategy for coping with a prolonged downturn and theability to execute on same. The review will assess each company'scash flow and credit metrics closer to our latest stressed priceassumptions and the relative rating positioning. Moody's expects toconclude most reviews within a relatively short timeframe.

Moody's believes that this downturn will mark an unprecedentedshift for the mining industry. Whereas previous downturns have beencyclical, the effect of slowing growth in China indicates afundamental change that will heighten credit risk for miningcompanies. This review reflects the belief that deterioratingindustry fundamentals require a recalibration of the global miningportfolio rated by Moody's. The agency expects that it willdowngrade most companies' ratings by at least one notch andbelieves that many of the issuers ratings could have multi-notchdeclines. While this review focuses on companies rated in the rangefrom A1 to B3, Moody's will continue to assess the credit metricsof all rated companies in the mining sector.

[*] Moody's Reviews Canadian Energy Cos.' Ratings for Downgrade---------------------------------------------------------------Moody's Investors Service, on Jan. 21, 2016, placed the ratings of19 exploration and production (E&P), and oilfield servicescompanies on review for downgrade.

RATINGS RATIONALE

Oil prices have deteriorated substantially in the past few weeksand have reached nominal price lows not seen in more than a decade.Moody's has adjusted its view downward for the likely range ofprices. We see a substantial risk that prices may recover much moreslowly over the medium term than many companies expect, as well asa risk that prices might fall further. Even under a scenario with amodest recovery from current prices, producing companies and thedrillers and service companies that support them will experiencerising financial stress with much lower cash flows.

The review for downgrade considers that much weaker industryfundamentals have potential to warrant rating changes for allcompanies covered in this press release. While this review focuseson companies rated in the range from A1 to B3, Moody's is alsoreevaluating higher and lower rated companies in the context ofindustry conditions. The higher rated companies on average aresomewhat more resilient to low oil prices and Moody's has recentlydowngraded many of the lower rated companies.

As part of its ongoing assessment of energy markets, Moody'ssharply reduced its oil price assumptions on January 21 in light ofcontinuing oversupply in the global oil markets and demand growththat remains tepid. Iran is poised to add more than 500,000 barrelsper day to global supply while OPEC and many non-OPEC oil producerscontinue to produce without restraint as they battle for marketshare. The addition of Iranian oil to the market this year willoffset or exceed expected declines in US production of about500,000 barrels per day. Increased production vastly exceeds growthin oil consumption, given modest growth in consumption from majorconsumers such as China, India and the US. Production now exceedsdemand by about 2 million barrels per day, adding to already highglobal oil stocks. Our natural gas and natural gas liquids priceassumptions are unchanged. Natural gas production in the UScontinues to increase while costs decline and producers generatecash returns at ever-lower prices, although in many cases theseappear insufficient to service their debt.

Lower oil prices will further weaken cash flows for E&P companiesand the upstream portion of integrated oil and gas companies. Thiswill cause further deterioration in financial ratios, includingdeeper negative free cash flow. Most companies are unable tointernally fund sustaining levels of capital spending at currentmarket prices. Current industry conditions also reduce the value ofassets offered for sale and have made accessing capital marketsmore expensive for some companies and unavailable for others. Whileintegrated oil and gas companies benefit from the profitability oftheir downstream operations, the upstream operations represent amuch larger part of the capital employed and cash flow for most ofthese companies.

Projected capex reductions by E&P and integrated oil companies willseverely challenge the drilling and oilfield services (OFS) sectorbeyond what it had already experienced in 2015. Moody's expects OFSsector EBITDA to drop by another 25%-30% in 2016, testing theviability of the capital structures of many of these businesses.Even if commodity prices recover, OFS companies are unlikely togain any pricing power because of the continued excess capacityacross most OFS subsectors. As a result, Moody's expects creditquality to deteriorate for all OFS players in 2016. Smaller andmore leveraged OFS companies in particular will struggle to complywith debt agreement covenants, service their debt and access thecapital markets, raising their risk of default. Even large,diversified investment grade OFS companies will have less financialflexibility and increasing financial leverage. Drillers withsignificant contract expirations will also suffer material creditdegradation as contracts are either not renewed or are renewed atrates that produce far less revenue.

Although all issuers in these sectors have been adversely affectedby declining prices, severity varies substantially by issuer.Accordingly, the range of possible outcomes upon conclusion of thereview for given issuers varies from possible confirmation ofratings to multi-notch downgrades. Multi-notch downgrades areparticularly likely among issuers whose activities are centered inNorth America, where natural gas prices have declined dramaticallyalong with oil prices. Moody's expects to conclude a majority ofthe reviews by the end of the first quarter.

[*] US Corn Belt Wants New Debt Cap for Fear of Farm Bankruptcies-----------------------------------------------------------------Tracy Rucinski and P.J. Huffstutter at Reuters reported that withagricultural lenders fearing a tidal wave of farm bankruptcies soonas this spring, lawyers in the Midwest say they want U.S. SenatorChuck Grassley of Iowa to raise the debt limit for so-called"family farmer" bankruptcies.

Farmers in states like Illinois, Indiana and Iowa are scrambling tosecure lending for the 2016 growing season at a time when pricesfor their corn have halved from three years ago.

As they seek restructuring advice, many are told their debtssurpass the $4 million limit for a Chapter 12 family farmbankruptcy, said at least five lawyers who represent either debtorsor creditors.

They say the $4 million cap is out of touch with most farms'current operating size, often thousands of acres of land paid forby expensive leases and worked using tractors that can cost morethan $250,000.

Chapter 12 was created during the 1980s farm crisis as a simplecourt procedure to let farmers keep operating while working out aplan to repay lenders.

Monday's edition of the TCR delivers a list of indicative pricesfor bond issues that reportedly trade well below par. Prices areobtained by TCR editors from a variety of outside sources duringthe prior week we think are reliable. Those sources may not,however, be complete or accurate. The Monday Bond Pricing tableis compiled on the Friday prior to publication. Prices reportedare not intended to reflect actual trades. Prices for actualtrades are probably different. Our objective is to shareinformation, not make markets in publicly traded securities.Nothing in the TCR constitutes an offer or solicitation to buy orsell any security of any kind. It is likely that some entityaffiliated with a TCR editor holds some position in the issuerspublic debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies withinsolvent balance sheets whose shares trade higher than $3 pershare in public markets. At first glance, this list may look likethe definitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filedChapter 11 cases involving less than $1,000,000 in assets andliabilities delivered to nation's bankruptcy courts. The listincludes links to freely downloadable images of these small-dollarpetitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book ofinterest to troubled company professionals. All titles areavailable at your local bookstore or through Amazon.com. Go tohttp://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday editionof the TCR.

The Sunday TCR delivers securitization rating news from the weekthen-ending.

This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers. Information containedherein is obtained from sources believed to be reliable, but isnot guaranteed.

The TCR subscription rate is $975 for 6 months delivered viae-mail. Additional e-mail subscriptions for members of the samefirm for the term of the initial subscription or balance thereofare $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552.